Ola Electric Contemplating Lithium Mining Rights to Fuel India’s EV Revolution

E-scooter manufacturer Ola Electric is contemplating a bid for lithium mining rights currently auctioned by the government. The move aligns with the Centre’s initiative to bolster EV battery manufacturing by auctioning critical minerals.

Last year, the Mines and Minerals (Development and Regulation) Amendment Bill was passed, enabling private entities to mine essential minerals like lithium.

The auction of lithium blocks gains prominence in India’s ambitious plan to elevate the electric vehicle (EV) market share from 2% to 30% by 2030, with a commitment to energy transition and achieving net-zero emissions by 2070.

Significance of Critical Minerals Auction

The government expects to generate approximately Rs 45,000 crore ($5.4 billion) through auctioning 20 blocks across eight states.

Significance of Critical Minerals Auction

Sources reveal that Ola Electric has expressed interest in the auction, actively participating in meetings and raising queries on land acquisition and potential minerals alongside lithium.

Ola’s Interest

Ola’s pursuit of lithium mining rights signifies its strategic roadmap toward vertical integration. The company aims to produce lithium-ion batteries, crucial components for electric vehicles domestically.

Path to Vertical Integration