Bengaluru-headquartered gold refiner Rajesh Exports has announced the signing of a tripartite agreement between India’s ministry of heavy industries, Karnataka government’s department of industries and commerce, and Rajesh Exports arm ACC Energy Storage for its 5 GWh lithium-ion cell factory in Karnataka.
Rajesh Exports Limited has been selected by the Government of India as one of the three successful participants in the INR 18,100 crore ($2.2 billion) PLI Scheme for the production of advanced chemistry cells. The other two winners are Reliance Industries and Ola Electric.
As per the requirement of the PLI Scheme, Rajesh Exports has incorporated a wholly-owned subsidiary, ACC Energy Storage, to execute the project for manufacturing advanced-chemistry lithium-ion cells for battery storage.
Under the tripartite agreement, the Ministry of Heavy Industries, Government of India, has assured Rajesh Exports of all the required support for setting up a 5 GWh lithium cell factory. The Department of Industries and Commerce, Government of Karnataka, has also assured all the required support and a tailormade incentive package for the giga factory. ACC Energy Storage has undertaken to execute the project within the required time limit.
“Rajesh Exports will set up the world’s finest 5 GWh lithium-ion cell manufacturing plant with the finest and the most futuristic technology,” the company stated in a previous release.
Rajesh Exports is the largest refiner of gold in the world and processes about 35%of gold produced in the world. It claims to be the only company with a presence across the value chain of gold from mining till its own retail brand. It recorded annual sales of INR 2,431 billion (approx. $33 billion) on a consolidated basis for FY 2021-22.
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