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India Invests Rs 2,814 Crore in Battery Supply Chain with New Refineries
Sentiment: NeutralHigh Priority
What Happened?
India's Union cabinet approved a Rs 2,814 crore plan for four lithium and nickel refineries, aiming to boost domestic battery material production. This move addresses both supply and demand in the battery sector.
Key points
- The plan includes building India's first commercial-scale lithium plants.
- The cabinet also approved Rs 14,500 crore for energy storage projects.
- The Capex Support Scheme will cover 30% of capital costs for the refineries.
- India currently imports all its lithium, nickel, and cobalt.
- China controls about 65% of global refining capacity for battery-grade lithium.
Key insights
- If successful, the scheme could lead to significant domestic production of battery materials by 2030.
- India's ability to refine battery metals will determine its position in the global supply chain.
- The government's approach may attract foreign investment in the battery sector.
Why it matters
This investment could enhance India's self-sufficiency in battery materials, reducing reliance on imports.
Tags
Entities
India· CountryUnion Cabinet· OrganizationPrime Minister Narendra Modi· PersonKhanij Bidesh India Limited· OrganizationLithium Americas· CompanyMP Materials· CompanyAlbemarle· CompanyPOSCO· CompanyZimbabwe· CountryArgentina· Country
Source
India Today
