(Bloomberg) -- Billionaires and automobile giants are among those who have sought incentives to manufacture technology-agnostic battery cells under an Indian government-led effort to cut imports and make batteries at competitive prices.

A renewable energy unit of tycoon Mukesh Ambani’s Reliance Industries, Hyundai Global Motors Co. and Ola Electric Mobility Pvt. are among 10 bidders applied for 181 billion rupees ($2.4 billion) in the production-linked incentive program , according to a Press Information Bureau release on Saturday. 

Automaker Mahindra & Mahindra Ltd. and engineering conglomerate Larsen & Toubro are among the other companies that put in bids for the government’s Advanced Chemistry Cell Battery Storage scheme.

The manufacturing facility would have to be set up within a period of two years and the incentive will be disbursed thereafter over a period of five years on sale of batteries manufactured in India, the statement said.

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