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					</table><p>The Ministry of Heavy Industries (<a href="https://heavyindustries.gov.in/">MHI</a>) has issued guidelines for its ‘Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI).’</p>
<p>The program aims to enable fresh investments from global manufacturers in the electric vehicle (EV) passenger car segment.</p>
<p>Companies seeking to participate in this program must commit ₹41.5 billion (~$486 million) within three years from the application approval date. This investment will be used to establish manufacturing facilities for electric passenger cars within the country.</p>
<p>To encourage global manufacturers to invest under the program, approved applicants will be allowed to import completely built-in units of e-4Ws (eligible products) with minimum cost, insurance, and a freight value of $35,000. The import will be allowed at a reduced customs duty rate of 15% for five years from the application approval date.</p>
<p>The maximum number of e-4Ws allowed for import at the reduced duty rate will be capped at 8,000 per year. The unutilized annual import limits can carry over to the next year.</p>
<p>The maximum duty forgone per applicant under the program is capped at ₹64.84 billion (~$759.4 million).</p>
<p>The standard operating procedure issued under the production-linked incentives program for automobiles and auto components will be followed to assess the domestic value addition (DVA) of the eligible product. The minimum DVA to be achieved within three years is 25%, and within five years is 50%.</p>
<p>Investments must target domestic manufacturing of eligible products. If the program&#8217;s investment is directed towards a brownfield project, there must be a clear physical separation from current manufacturing facilities.</p>
<p>Expenditures incurred on new plants, machinery, equipment, and associated utilities, as well as engineering research and development, would be eligible.</p>
<p>Land expenditure will not be considered. However, buildings of the main plant and utilities will be included as part of the investment, provided they do not exceed 10% of the committed investment.</p>
<p>Charging infrastructure expenses will be regarded as a maximum of 5% of the total committed investment.</p>
<p><strong>Application Process </strong></p>
<p>Applications are open for 120 days. MHI can reopen the application window as needed until June 15, 2026.</p>
<p>Interested applicants must pay a non-refundable application fee of ₹500,000 (~$5,856.27).</p>
<p>Applicants&#8217; global group revenue (from automotive manufacturing) must be at least ₹100 billion (~$1.1 billion), and their global investment or group in fixed assets must be ₹30 billion (~$351.3 million).</p>
<p>MHI first introduced the program in 2024, with the Department of Finance issuing notifications reducing import duties in line with the program&#8217;s provisions.</p>
<p>The program aims to enable fresh investments from global manufacturers in the electric vehicle (EV) passenger car segment.</p>
<p>Recently, MHI <a href="https://www.mercomindia.com/mhi-mandates-100-dcr-requirement-for-18-ev-components-under-pm-e-drive" target="_blank" rel="noopener">mandated</a> a 100% domestic content requirement for 18 EV components under the two-wheeler, three-wheeler, and e-bus segments to be eligible for a subsidy under the PM E-Drive program.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2024" target="_blank" rel="noopener">reached</a> a record 1.95 million units in 2024, an over 27% growth year-over-year.</p>


Heavy Industries Ministry Issues Guidelines for Electric Car Manufacturing


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					</table><p>Ferroalloy producer Indian Metals &amp; Ferro Alloys (<a href="https://www.imfa.in/company/manufacturing-cycle.htm" target="_blank" rel="noopener">IMFA</a>) has announced a joint venture with <a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Green Energy</a> to source 70 MW of renewable energy for its smelting operations.</p>
<p>IMFA has signed a binding term sheet with JSW Green Energy One and JSW Green Energy Seven, investing ₹832.6 million (~$9.8 million) in a wind-solar hybrid project that combines 50 MW solar and 100 MW wind.</p>
<p>The company will also sign a power purchase agreement as a captive consumer valid for 25 years.</p>
<p>IMFA consumed 18,881 joules of renewable energy in the financial year 2023-24, as per its annual report. The company has also taken various measures to reduce its carbon emissions and switch to green energy.</p>
<p>The company has two 4.5 MW solar projects at Therubali with capacities of 3 MW and 1.5 MW, and a 50 kW rooftop solar system</p>
<p>It also said that a 50 MW green energy expansion for the Kalinganagar facility is in the . Additionally, it also installed 43 kW and 8 kW rooftop systems at SMC substation.</p>
<p>The company said in the annual report that future power requirements will largely be met through hybrid renewable energy, which will enable the company to meet its energy transition targets.</p>
<p>Recently, JSW Energy’s special purpose vehicle JSW Green Energy Eight also <a href="https://www.mercomindia.com/indus-towers-to-procure-solar-power-from-jsw-energys-130-mw-solar-project" target="_blank" rel="noopener">signed</a> a power purchase agreement to supply power to Indus Towers in captive mode. Indus has also proposed to invest approximately ₹380.3 million (~$4.4 million) to acquire 26% equity shares in the SPV.</p>
<p>In 2023, corporations <a href="https://www.mercomindia.com/corporate-buying-clean-energy-2023" target="_blank" rel="noopener">announced</a> a record 46 GW of solar and wind contracts, with a 12% year-over-year increase from 41 GW in 2022, per Bloomberg New Energy Finance’s Corporate Energy Market outlook report.</p>


IMFA Announces Joint Venture with JSW to Source 70 MW Renewable Energy


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					</table><p>GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of <a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>, raised ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion).</p>
<p>The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India.</p>
<p>The funds will be used to meet the company&#8217;s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles (EV) and energy storage systems (ESS) sectors.</p>
<p>With the newly raised funds and diversified battery materials offerings, the company aims to capitalize on the opportunities arising from the U.S. Inflation Reduction Act and the strategic diversification globally of supply chains away from a single origin country.</p>
<p>GFCL EV Products offers a range of battery material products catering to the EV and energy storage system ecosystem, capitalizing on the significant global energy transition opportunity. It has fully integrated manufacturing capabilities with backward integration into AHF, LiF, and captive fluorspar.</p>
<p>The company said the global opportunity for the EV battery chain is estimated to reach $300 billion by 2030. The projected increase in the global lithium battery demand from ~ 1100 GWh to 5000-6000 GWh by 2030 will lead to significant demand for the battery materials that GFCL EV caters to.</p>
<p>INOXGFL Group’s renewable power generation platform, IGREL Renewables, also <a href="https://www.mercomindia.com/inox-groups-renewables-equity-investment" target="_blank" rel="noopener">raised</a> ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables’ expansion of its renewable energy portfolio in September.</p>
<p>In September, Inox Wind (<a href="https://inoxwind.com/" target="_blank" rel="noopener">IWL</a>) <a href="https://www.mercomindia.com/inoxs-epc-subsidiary-resco-to-raise-%E2%82%B93-5-billion-via-sale-of-shares" target="_blank" rel="noopener">announced</a> that the board of its subsidiary Resco Global Wind Services (<a href="https://rescowind.com/" target="_blank" rel="noopener">Resco Global</a>), an engineering, procurement, and construction solutions provider, has approved a proposal to raise ₹3.5 billion (~$41.7 million) by selling a single-digit equity stake to marquee investors.</p>


Battery Component Manufacturer GFCL EV Products Raises ₹10 Billion


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					</table><p>The <a href="https://powermin.gov.in/" target="_blank" rel="noopener">Ministry of Power</a> has targeted expanding India&#8217;s power transmission network to 648,000 circuit kilometers (ckm) in 2032 from 485,000 ckm in 2024. The plan is to meet a peak electricity demand of 458 GW by 2032.</p>
<p>The ministry has finalized a National Electricity Plan 2023-2032 for Central and State transmission systems to strengthen the power infrastructure, enhance capacity, increase connectivity, and expand international reach. The plan&#8217;s total cost is ₹91.5 billion (~$1.09 billion).</p>
<p>This plan will help meet the increasing electricity demand and facilitate renewable energy integration and green hydrogen loads into the grid.</p>
<p>The transformation capacity will increase from 1,251 GVA to 2,342 GVA by 2032 under the new plan.</p>
<p>&#8220;Nine High Voltage Direct Current (HVDC) lines of 33.25 GW capacity will be added to 33.5 GW presently operating.  Inter-regional transfer capacity will increase from 119 GW to 168 GW.  This plan covers the network of 220 kV and above,&#8221; the Union Power Minister  Manohar Lal said.</p>
<p>The minister said an interstate transmission system (ISTS) capacity of 50 GW has been approved. The 335 GW transmission network is planned to evacuate 280 GW of variable renewable energy to the ISTS network by 2030.</p>
<p>Out of 280 GW, a transmission capacity of 42 GW has already been completed, 85 GW is under construction, and 75 GW is under bidding. The remaining 82 GW will eventually be approved.</p>
<p>The approval covers renewable energy transmission systems for Gujarat (14.5 GW), Andhra Pradesh (12.5 GW), Rajasthan (7.5 GW), Tamil Nadu (3.5 GW), Karnataka (7 GW), and Maharashtra (1.5 GW).</p>
<p>Power evacuation infrastructure growth in India has <a href="https://www.mercomindia.com/renewable-capacity-growth-severely-hit" target="_blank" rel="noopener">lagged</a> behind the pace of power capacity additions due to challenges faced by transmission projects, with implementation delays running into several months and even years.</p>
<p>The minister said plans are afoot to add 39 GW of pumped hydro storage capacity by 2030 to address storage and grid stability needs. Currently,  4.7 GW of pumped storage capacity has been installed, 6.47 GW is under construction, and 60 GW is under various stages of survey and investigation.</p>
<p>Manohar Lal said while India is aggressively pursuing energy transition goals, the government has prioritized thermal capacity addition to meet peak demand and base load requirements. The total thermal capacity stands at 217 GW, with 28.4 GW under construction and 14 GW expected by FY 2025. Additionally, 58.4 GW is at various stages of planning, statutory clearances, and bidding. In the last 100 days, the ministry awarded 12.8 GW of new coal-based thermal capacity.</p>
<p>The minister also referred to the revised <a href="https://www.mercomindia.com/ministry-of-power-releases-ev-charging-infrastructure-guidelines" target="_blank" rel="noopener">guidelines</a> for electric vehicle charging infrastructure, which serve as a blueprint for expediting the deployment of EV charging infrastructure to meet future demand.</p>


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