New Delhi, 3/4: The government has slapped a penalty on a unit of Reliance Industries Ltd for failing to meet the deadline for setting up a battery cell plant for which it was granted production-linked incentives, the firm said on Tuesday.
In a stock exchange filing, Reliance said its step-down subsidiary, Reliance New Energy Battery Storage Ltd on March 3 received “a letter from the Ministry of Heavy Industries levying liquidated damages at the rate of 0.1 per cent of the performance delay from January 1, 2025.” The penalty was for the “delay in achievement of Milestone 1 under the programme agreement executed with MHI in connection with 5 GWh manufacturing capacity awarded under the Performance-Linked Incentive Scheme for Advancement.