10 Indian Companies Plan To Set Up Gigafactories In India

The Volta Foundation in its latest  2024 report, based on its Gigafactory track, has identified 10 Indian companies planning major expansions in India’s battery sector. Some of the key players include Reliance in Gujarat (50 GWh), Amara Raja in Telangana (16 GWh), Exide in Karnataka (12 GWh), Godi in Hyderabad (12 GWh), OLA in Tamil Nadu (100 GWh), TATA in Gujarat (10 GWh), Lucas TVS/24M in Thervoy Kandigai (10 GWh), Cyngi in Telangana (1.2 GWh), JSW/LGES in India (10 GWh), and Mahanagar/IBC Inc. in Bengaluru (capacity unknown).

This comes at a time when mega companies from countries like China continue to dominate the battery manufacturing market globally. Owing to the dearth of key raw materials and technologies, battery technology deployment has not seen equitable proliferation globally. With the rise of demand for Lithium-ion batteries, the Indian government also tried to give a hand-holding support to the sector with their funding for Advanced Cell Chemistry (ACC).

Internationally, the US President-elect Donald Trump has announced plans to impose a 25% tariff on all imports from Canada and Mexico, along with an additional 10% tariff on Chinese goods on his first day in office. The tariffs on China would apply to all imports and would be added on top of existing levies. With the recent increase in tariffs on battery imports from China for EV applications—from 7.5% to 25%—this new policy would result in a total tariff of 35% on Chinese battery imports. Previously, tariffs as high as 60% had also been suggested.

A recent study found that while China continues to dominate the battery industry, new projects have slowed due to overcapacity. Companies like Gotion and Ganfeng are addressing this challenge by securing upstream supply chains, while others are shifting their focus to energy storage to counterbalance a weaker EV battery market.