Lithium-ion cell plants: electrodes are coated, cut, stacked or wound, filled with electrolyte and formed - the step the ₹18,100 Cr PLI-ACC pays for.
Ola Electric MobilityOperator · HighListed
Reliance IndustriesOperator · MediumListed
Rajesh ExportsEmerging entrant · LowListed
Exide IndustriesOperator · HighListed
Amara Raja Energy & MobilityEmerging entrant · HighListed
Agratas Energy Storage SolutionsEmerging entrant · HighUnlisted
Where it fits
A gigafactory mixes cathode and anode powders into slurries, coats them onto aluminium and copper foil, dries and presses the electrodes, then stacks or winds them with separator into cans, pouches or prismatic cases, fills electrolyte and charges ('forms') each cell. Cells go to pack makers and BESS integrators.
Why it matters
This is the scheme's target. PLI-ACC (approved May 2021) pays a sales-linked incentive over five years (originally 2025-2029; Ola's window now runs through CY2031 after an Aug 2026 revision) on cells with 25% local value addition in two years and 60% in five, and requires ₹225 Cr of investment per GWh. 40 of 50 GWh are awarded - Ola 20, Reliance 15, Rajesh Exports 5 - but by Oct 2025 only 1.4 GWh (all Ola) was commissioned and no incentive had been paid (JMK/IEEFA, Jan 2026).
Where the value pool sits
Cells are roughly three-quarters of a pack's cost and the biggest single import in the EV and BESS bill of materials (~₹41,667 Cr of Li-ion cells in FY26). Globally a scale game led by CATL, BYD, LG and Chinese LFP makers; Indian cells are expected to cost ~20-25% more than Chinese ones at first (Business Today, Oct 2026), which the incentive is meant to bridge.
Key drivers
PLI-ACC sales-linked incentive once a plant meets local value-addition targets
Customs duty on capital goods for Li-ion cell plants cut to nil, now also for BESS cells (Budget 2026-27)
Captive demand: Ola's scooters, Reliance's own BESS, Tata's cars, Hyundai via Exide
Potential bottlenecks
Cell technology (especially LFP) is held by Chinese makers, who restricted export of LFP and lithium-processing know-how in 2025
Equipment, active materials and skilled process engineers are imported
Yield and scrap in the first years of a new line
Investor metrics to watch
Commissioned vs awarded GWh (40 GWh awarded; ~2.5 GWh running at Ola and being expanded to ~6 GWh, 6 GWh just commissioned at Exide)
First PLI-ACC incentive disbursement
Domestic value-addition certification (25% / 60%)
Cell yields and utilisation; share of output sold to third parties