Not for many years. Mahindra offer warranties covering 5 years of driving on the lithium-ion batteries in the e2o. Batteries prices at a little higher range last for 7-8 years.
Reva users have used batteries for more than 3 years.
Slasbill Pro Tip for a smart long-term saving:
The simple technique that could be used to pay for the battery is to start an Recurring Deposit of Rs 2000 per month for 3 years or more.
Liquidate the RD after 3-4 years whenever the need arises to change the battery. Thus bank interest accumulation can partly help you fund your shiny new battery pack. Plus the price for li-ion batteries ought to fall in the coming years as India plans to hit the road with all electric by 2030.
References: http://www.pluginindia.com/ev---faq.html