India seeking energy, lithium investments in Argentina
BUENOS AIRES, Jan 29 (Reuters) - India is looking to expand its investments in Argentina's mining, gas and oil sectors, with a focus on lithium, to secure resources needed for its energy transition, the country's mining secretary told Reuters.
Secretary V.L. Kantha Rao visited Buenos Aires for the first in-person meeting with Argentine counterparts since the two countries tied up a preliminary agreement in 2022 on mineral exploration, critical minerals supply and technology development.
Indian state firms Khanij Bidesh India Ltd (KABIL) and Coal India (COAL.NS), opens new tab, along with private company Greenko, are already exploring lithium in Argentina's northwest province of Catamarca, on the border with Chile.
"We hope that in the next six months there will be a new announcement," Rao told Reuters at an event at the Indian embassy in Argentina on Tuesday, where he added that there is interest in other nearby provinces such as Salta.
India, a major greenhouse gas emitter, is securing key minerals in resource-rich nations like Australia, Argentina, and Chile. Prime Minister Narendra Modi's government has identified 30 critical minerals, including lithium, for its clean energy push.
"India has a very ambitious plan to transition many vehicles to electric. We aim to convert 30% of our vehicles by 2030," India's ambassador to Argentina, Dinesh Bhatia, told Reuters.
Indian officials, who will visit Catamarca and meet Argentine Economy Minister Luis Caputo, touted potential benefits from the Latin American nation's so-called Large Investment Incentive Regime (RIGI), which offers tax benefits for investments over $200 million.
"We want a stable (framework), not one that changes every five years," Rao told reporters. "Right now, policies are investment-friendly, and companies are coming."
Argentina, the world's fourth-largest lithium exporter, is part of the "lithium triangle" with Chile and Bolivia. President Javier Milei is pushing deregulation to attract investment and ease a prolonged economic crisis.
India is also eyeing investments in Argentina's copper, gold, gas and oil resources. Last week, Argentina's state-controlled oil firm YPF (YPFDm.BA), opens new tab signed a memorandum of understanding with three Indian companies for potential liquefied natural gas (LNG) exports.
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