India's Richest Man's Company Unveils EV Battery Ambitions - Will It Impact Tesla's Indian Aspirations?

Reliance Industries, the Indian oil refining behemoth, is making significant strides in clean energy, unveiling its innovative swappable and multipurpose battery storage technology tailored for electric vehicles (EVs). 

This development is a part of the company's broader initiative to embrace green energy, aiming to diversify from its core oil-to-chemical business.

At a recent renewable energy exhibition, Reliance presented removable batteries that are compatible with EVs and can also power household appliances when connected to an inverter. 

This dual-purpose utility enhances consumer convenience, enabling a single battery for mobility and domestic energy needs.

Meanwhile, EV giant Tesla Inc (NASDAQ: TSLA), which looks to produce and sell battery storage systems in India, has submitted a proposal seeking incentives to establish a factory there. 

Tesla has been in discussions with Indian officials regarding setting up an EV factory to produce an affordable $24,000 car.

Reliance's batteries are easily swappable at designated stations or recharged at home, especially with rooftop solar panels, another product that Reliance plans to introduce. 

This creation is a segment of the company's ambitious $10 billion investment in clean energy projects, aiming for a net zero carbon footprint by 2035.

Reliance is keen on collaborations with established EV producers to integrate its battery technology.

The Indian government is actively promoting the adoption of EVs and swappable batteries to mitigate pollution and achieve broader climate objectives. 

Reliance could be a pivotal player in this transition, having secured an incentive to establish a 5 GWh battery manufacturing facility. The facility, slated for completion by 2026, will produce batteries and containerized energy storage solutions.

The swappable batteries will likely reduce EV costs and accelerate adoption across India. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.