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India recently signed a Memorandum of Understanding (MoU) with Argentina to establish a supply link and technological development in the field of Lithium.
MoU includes joint exploration, production and commercialization of mineral products.
MoU was signed between JEMSE, an Argentine state-owned enterprise, and the Indian joint venture company Khanij Bidesh India Ltd. (KABIL) in the presence of the Governor of the Argentine Province of Jujuy, Gerardo Morales, the head of JEMSE, Felipe Albornoz, and the CEO of KABIL India, Ranjit Rath.
This partnership will allow India to do joint work in the areas of exploration and production of minerals, such as lithium and polymetallic, as well as those projects related to the addition of the value of lithium carbonate, production, and transmission of electrical energy. Besides, it looks to enhance cooperation in the study, information, and commercialization of the mineral products.
The main aim of this alliance is to develop, build, commercially market and jointly operate projects with a high technological content in the energy, mining and natural resource exploitation fields in the territory of the Province of Jujuy.
The Department for Promotion of Industry and Internal Trade (DPIIT) of the Commerce Ministry has also proposed to enter into Free Trade Agreement (FTAs) and mining agreements with resource-rich countries in Latin America and Africa.
India has set a target to have at least 30% of its vehicles run on electrical batteries by 2030, and 175 GW power generation from renewable energy sources by 2022.