Import duty waivers on critical minerals such as lithium are set to bring down the costs of batteries both for electric vehicles and energy storage, according to INOXGFL Group’s executive director Devansh Jain.
“Battery chemicals constitute about 35% of the value of EV batteries. Reducing import duties on lithium and other critical minerals will help lower battery costs, thereby decreasing the overall cost of EVs,” he said. “The initiative, along with the PLI scheme, will spur further investments in EV battery manufacturing in the country.”
Jain also highlighted the waiver impact on the energy storage space, where battery storage could play an important part in round-the-clock power projects that are being tendered out.
Inox Wind and Inox Green Energy Services are also part of INOXGFL. The former is into manufacturing of wind energy equipment and the latter into operations and maintenance of wind farms. The group has also forayed into wind and solar energy generation.
INOXGFL group companies have raised fresh capital recently. Inox Wind has raised Rs. 900 crore and Inox Green Energy Services.has raised Rs 1,050 crore.
Source Name : Economic Times