In March 2025, four Indian state-owned enterprises—Khanij Bidesh India Ltd (KABIL), Coal India, Oil India, and ONGC Videsh—initiated negotiations with Chilean mining company SQM to acquire a 20% stake in its Mount Holland and Andover lithium projects located in Western Australia. The proposed investment, valued at approximately $600 million, represents India's most significant effort to secure lithium resources essential for electric vehicle (EV) batteries. This move aligns with India's broader strategy to reduce carbon emissions and promote EV adoption. The companies have commenced due diligence processes and submitted initial offers, reflecting India's proactive approach to securing critical minerals globally.
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