(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.

Most Read from Bloomberg

• Microsoft Buys Scandal-Tainted Activision in Bet on Metaverse

• Fourth Pfizer Dose Is Insufficient to Ward Off Omicron, Israeli Trial Suggests

• Covid-19 Infected Lions Prompt Variant Warning in South Africa

• Microsoft Deal Wipes $20 Billion Off Sony's Market Value in a Day

• Stock Selloff Deepens as Treasury Yields Climb: Markets Wrap

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.

Most Read from Bloomberg Businessweek

• Work From Home Is Becoming a Permanent Part of How Jobs Are Done

• One Year Into His Term, Biden Finds Himself Boxed In on China

• A Progressive Real Estate Firm Faces Accusations of Discrimination

• Wall Street Traders Muscle Into the Middle of Crypto

• Airlines Step Up Hygiene to Keep Covid Out of the Air

©2022 Bloomberg L.P.