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Ola Electric, an Indian e-scooter manufacturer, is considering vying for mining rights for lithium blocks that are being auctioned by the Indian government, which could increase its EV battery manufacturing plans, according to sources.
PM Narendra Modi's government initiated the first round of its essential minerals auctions late last year to ensure supplies of minerals like lithium, a raw ingredient used to produce batteries for electric vehicles. India is attempting to promote the manufacture of electric vehicles to lower greenhouse gas emissions and lessen its dependency on imported fossil fuels in the face of rising energy needs. Electric vehicles made up about 2% of total car sales in India of 3.9 million last fiscal year, but the government wants to grow this to 30% by 2030.
"Ola has shown interest and has put forward lots of queries around land acquisition and discovery of other minerals alongside lithium in the blocks," one of the sources said. Ola executives have attended the auction meetings, the second source said. But the company is yet to take a final call, which depends on factors such as global prices of lithium and the viability of mining it, the second source said.
Lithium is important for Ola, as it plans to locally produce lithium-ion batteries used in electric vehicles. This would help the company vertically integrate the supply chain, the second source said. In the ongoing auction, the government is likely to generate around 450 billion rupees ($5.4 billion) by auctioning 20 blocks across eight states.
Other potential bidders for lithium include Adani Enterprises, Vedanta Ltd, Reliance Industries, Himadri Chemicals, Reuters previously reported. Dalmia Cement, UltraTech Cement and NLC India have also shown interest in the lithium blocks, one of the sources said.
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