Rajesh Exports Signs Agreement With Centre & Karnataka For 5GWh Lithium Cells Factory

Jan 25, 2023 10:08 AM ET
  • The company stated that it was selected by the Central Government as one among the 3 successful participants in the Rs. 18,100 Crores PLI Scheme for production of Advanced Chemistry Cells.
  • It will certainly get support from the Centre and also Karnataka state for the setting up of the 5 GWh Giga Factory.

Rajesh Exports Limited (REL) has revealed that it has signed a tripartite agreement with the Central Government as well as Karnataka state government under which it will set up a 5 GWh gigafactory to make lithium ion cells for battery production. The firm stated that it was selected by the Central Government as one amongst the successful participants in the Rs. 18,100 Crores PLI Scheme for manufacturing of Advanced Chemistry Cells. The other winners were Reliance and Ola Mobility and Hyundai Global.

Based on the requirement of the PLI Scheme, Rajesh Exports Limited has actually incorporated a 100% Subsidiary in the name of ACC Energy Storage Pvt Ltd. The purpose of the new entity is execution of the project for manufacture of Advanced Chemistry Lithium Ion Cells for Lithium Ion Batteries.

The Tripartite Agreement has been implemented wherein the Ministry of Heavy Industries, Government of India has actually assured of all the necessary support for setting up of 5 GWh Giga Factory. The Department of Industries and Commerce, under the Karnataka Government has actually additionally assured all the needed support and tailor made reward package for setting up the Giga Factory. According to Rajesh Experts, the ACC Energy Storage has undertaken to implement the project within the needed time limit.

The official statement of Rajesh Exports held that the agreement into advanced modern technology energy solutions service got critical energy for the company.

Rajesh Mehta, Chairman, Rajesh Exports, stated, "While leading the Global Gold business, Rajesh Exports Ltd is foraying into sophisticated modern technology solutions for energy storage with an objective to supply clean and environment-friendly energy to the World. REL would be taking all the needed actions to emerge as a leading worldwide player in advanced technology solutions for energy storage."

The New Player In The Horizon

Rajesh Exports Ltd declares to be the solitary largest constituent of gold company in the world. It also calls itself a zero debt company on standalone basis with yearly sales of $33 Billion on a consolidated basis for FY 21-22. Today, it processes regarding 35% of gold generated on the planet.

The company claimed that it's the only player that has presence across the value chain of gold from mining till its own retail brand.

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