‘Govt. to back firms’ overseas minerals plans’
Preference would be for minerals used for clean energy that find use in electric vehicles.
The Mines Ministry is looking to facilitate and handhold Indian companies — including private ones and conglomerates — to acquire or secure offtake agreements for critical minerals overseas. Critical minerals include lithium, cobalt and copper, among others.
The preference would be for minerals used primarily for clean energy that find use in electric vehicles (EVs), energy storage needs like batteries and solar tech, Ministry officials told businessline.
The Ministry has also suggested, subsidiaries of CPSEs be allowed to expedite acquisition processes. Several PSUs like Coal India, NLC India Ltd. and NTPC are looking to secure lithium, cobalt and graphite assets overseas. NMDC, a CPSE under the Steel Ministry, is carrying out prefeasibility studies for lithium in Australia.
In January, India made its firstever acquisition of five lithium blocks in Argentina through the stateowned Khanij India Bidesh Ltd. (KABIL). About ₹200 crore is expected to be invested over a fiveyear period for exploration, commercial offtake and sale of lithium.
“This is one initiative by a PSU and with the Minister approving it, things moved fast. But there are other private companies .... They all want to get into this (acquiring critical minerals overseas) .... We are encouraging that (across other PSUs),” an official said.
The Ministry will facilitate discussions and business meetings at governmentlevels.
(The writer is with The Hindu businessline)