India moves to tackle Chinese dominance in the Lithium market
The strategy includes securing the supplies from the largest reserves in the world and building infrastructure to process it
India plans to buy Lithium to ensure supplies that could potentially last decades and make the country self-reliant.
New Delhi has started a massive effort to make India a world leader in Lithium batteries, said a report by WION.
Lithium is a metal of utmost importance. It's the juice that powers our smartphones, tablets, cameras, laptops, and even cars. Lithium is used to make batteries.
The strategy to acquire Lithium has three steps, which include securing the supplies from the largest reserves in the world, building infrastructure to process lithium, and leveraging alliances to enter the global market.
The report noted that India is working on all three fronts.
New Delhi is going straight to the source. Argentina, Chile, and Bolivia have the largest stockpiles of Lithium.
The report said that a new company Khanij Bidesh India limited has a very specific mandate. It will acquire strategic mineral assets like Lithium and Cobalt. The foundation has already been laid. This company inked a pact with a firm in Argentina, it said.
Further, the report said India will build its first Lithium refinery in Gujarat. A state-owned company will invest one thousand crore Rupees for this. That's more than one hundred million dollars. The facility will process Lithium ore to produce battery-grade Lithium.
Finally, for competing in the global markets, India will have to eat into China's global market share, said the report.
India is making the moves. Australia wants to collaborate with India, according to recent reports.
Australia is one of the largest producers of Lithium. It has a reserve of more than six million tonnes. India could leverage these supplies. And Australia is ready to offer them, it said.