: Govt to tap giants like Tesla & Samsung to manufacture batteries in India #finance #StockMarketNEWS Govt to tap giants like Tesla & Samsung to manufacture batteries in India New Delhi, 27 Oct (KNN)

Govt to tap giants like Tesla & Samsung to manufacture batteries in India #finance #StockMarketNEWS
Govt to tap giants like Tesla & Samsung to manufacture batteries in India New Delhi, 27 Oct (KNN) India is planning to invite big companies such as Tesla, Samsung and LG Energy to invest in manufacturing batteries locally, as it eyes to set-up domestic supply chain for clean transport, reports Reuters.

It also states that in the coming months, India will host five roadshows in countries including the United States, Germany, France, South Korea and Japan to convince battery makers to set up local production.

Tesla, LG Energy and Samsung are among those who will be invited to attend, although a delegate list has not yet been confirmed. Other companies targeted include Northvolt, Panasonic and Toshiba, the official said.

This is a step in view of the USD 2.4 billion incentive program to boost battery manufacturing.

So far no deal has been made with international companies but domestic players like Reliance Industries(RELI.NS), Adani Group and Tata Group have shown major interest.

The official sated that, “Some global companies are hesitant to come in without a local partner as it requires large investment and India still ranks poorly on contract enforcement. Others are choosing to invest in bigger markets like the United States and Europe where demand for batteries is higher. Getting global companies into India will signal seriousness and they will also bring in good technology, quality and safety standards.”

Indias plans come as nations prepare to meet in Glasgow next week for the United Nations Climate Change Conference (COP26). India sees clean auto technology as central to its strategy to cut pollution in major cities and reduce oil dependence, while also meeting its emissions targets.

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