Rajesh Exports Signs Agreement With Centre & Karnataka For 5GWh Lithium Cells Factory

Rajesh Exports Limited (REL) has announced that it has signed a tripartite agreement with the Central Government and Karnataka state government under which it will set up a 5 GWh gigafactory to manufacture lithium ion cells for battery production. The company said that it was selected by the Central Government as one among the successful participants in the Rs. 18,100 Crores PLI Scheme for production of Advanced Chemistry Cells. The other winners were Reliance and Ola Mobility and Hyundai Global.

As per the requirement of the PLI Scheme, Rajesh Exports Limited has incorporated a 100% Subsidiary in the name of ACC Energy Storage Pvt Ltd. The objective of the new entity is execution of the project for manufacture of Advanced Chemistry Lithium Ion Cells for Lithium Ion Batteries.

The Tripartite Agreement has been executed wherein the Ministry of Heavy Industries, Government of India has assured of all the required support for setting up of 5 GWh Giga Factory. The Department of Industries and Commerce, under the Karnataka Government has also assured all the required support and tailor made incentive package for setting up the Giga Factory. According to Rajesh Experts, the ACC Energy Storage has undertaken to execute the project within the required time limit.

The official statement of Rajesh Exports held that the agreement into advanced technology energy solutions business gained critical momentum for the firm.

Rajesh Mehta, Chairman, Rajesh Exports, said, “While leading the Global Gold business, Rajesh Exports Ltd is foraying into advanced technology solutions for energy storage with an aim to provide clean and green energy to the World. REL would be taking all the required steps to emerge as a leading global player in advanced technology solutions for energy storage.”

The New Player In The Horizon

Rajesh Exports Ltd claims to be the single largest constituent of gold business in the world. It also calls itself a zero debt firm on standalone basis with annual sales of $33 Billion on a consolidated basis for FY 21-22. Today, it processes about 35% of gold produced in the world.

The company said that that it’s the only player that has presence across the value chain of gold from mining till its own retail brand.