Waaree Energies Invests ₹300 Cr in Lithium-Ion ACC Manufacturing Plant

Waaree Energies has made an investment of ₹300 crore in its subsidiary, Waaree Energy Storage Solutions (WESSPL), through a rights issue. The company said it incorporated WESSPL on February 4, 2020, in Mumbai, Maharashtra, to set up a Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant. 

In a regulatory filing, Waaree Energies stated that it has now decided to use the proceeds from the funding to establish the lithium-ion advanced chemistry storage cell manufacturing plant. 

This funding aligns with Waaree Energies’ earlier plan to set up a 3.5 GWh lithium-ion advanced chemistry cell manufacturing plant. The company shared these plans during its Q3 nine-month FY25 results, where it intimated about undertaking capital expenditure amounting to ₹2,073 crore to support this plan. Moreover, it estimated an investment of ₹650 crore for setting up the 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant.

Companies Planning To Set Up Lithium-Ion ACC / Cell Manufacturing Projects

In India, other major companies like Exide Energy Solutions Limited (EESL), a subsidiary of Exide Industries Limited (EIL), have also entered the advanced chemistry cell manufacturing space. Earlier this year, Exide Industries invested ₹100 crore in its lithium battery arm EESL, which is engaged in the business of manufacturing and selling lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary applications.

Other companies like Reliance New Energy Battery Limited (a subsidiary of Reliance Industries Limited) have signed a Programme Agreement with the Ministry of Heavy Industries (MHI), Government of India, to enter the advanced battery manufacturing sector. In February 2025, the company agreed to the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) to secure a 10 GWh ACC capacity, following a competitive global tender process, making it eligible to receive incentives under India's ₹18,100 crore PLI ACC scheme.

Under the PLI Scheme on the “National Programme on Advanced Chemistry Cell (ACC) Battery Storage,” the Cabinet approved an outlay of ₹18,100 crore in May 2021 to achieve a total manufacturing capacity of 50 GWh. With the latest signing, 40 GWh of capacity has been awarded to four beneficiary firms out of the 50 GWh target. In the first round of bidding, conducted in March 2022, three beneficiary firms were allocated a total capacity of 30 GWh, and the Programme Agreements for that round were signed in July 2022. All the firms, other than Ola Electric to an extent, are behind scheduled start currently.

Ola Electric has entered advanced cell manufacturing in FY25, nearing mass production at its Gigafactory in Krishnagiri. The factory is designed for Nickel Manganese Cobalt (NMC) chemistry. Ola Electric’s 4680 cells are now approaching the final stages for mass production using groundbreaking manufacturing processes at the Gigafactory, marking India’s entry into indigenous lithium-ion manufacturing. 

The Government of India approved the PLI-ACC scheme and designated Ola Cell Technologies as one of the key beneficiaries. Ola has confirmed the installation of 1 GWh ACC capacity, currently with limited production. As reported by the beneficiary firms, the scheme has attracted investments of ₹2,145 crore and generated employment for 1,007 people as of June 30, 2025.