As reported by Sources, Panasonic, a Japanese conglomerate, plans to open a battery manufacturing plant in India under the government's production-linked incentive (PLI) scheme for ACC battery storage. According to company officials, a high-level delegation from the Japanese company met with senior government officials in the first week of this month.

Amitabh Kant, CEO of Niti Aayog and G20 Sherpa, and Heavy Industries Secretary Kamran Rizvi met with Kazuo Tadanobu, global president and CEO of Panasonic Energy, and other Panasonic team members. Manish Sharma, the Chairman of Panasonic Life Solutions in India, was also present at the meeting.

The company has informed the Indian government of its intention to locate a battery manufacturing facility in the country.

However, recent developments indicate that the Japanese company is "on the verge of making substantial investments" in India with the establishment of the battery manufacturing plant. Hyundai Global Motors, one of four companies chosen for the government's Rs 18,100 crore production-linked incentive (PLI) scheme for ACC battery storage, recently withdrew from the scheme.

Panasonic is hoping that the offer made by Hyundai Global Motors will now be accepted. However, there has been no confirmation, and this must be ratified at the highest levels of government, according to TOI's sources.