Reliance Industries’ subsidiary Reliance New Energy Battery Storage has sought an extension from the government to achieve a milestone in setting up its 5 GWh manufacturing capacity under the performance-linked incentive scheme.
The company was slapped with a penalty of ₹125 crore by the Ministry of Heavy Industries for delays in meeting the January 1, 2025, deadline.
Referring to the penalty, the company said it was insignificant and immaterial considering the consolidated turnover of RIL.
It said it had received a letter from MHI levying liquidated damages at the rate of 0.1 per cent of the performance security fixed at ₹50 crore, for each day of delay from January 1. The liquidated damages till March 3 came to ₹3.1 crore.
It had failed to achieve the milestone under the PLI for advanced chemistry cells.