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Maruti Suzuki was in the fast lane on Thursday's trading session after the company alongside
Ashok Leyland signed a Letters of Intent (LOI) with the newly incorporated
Indian Oil Corporation-backed joint venture IOC Phinergy Limited.
On Wednesday, Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Steel, along with Minister of Energy, Israel, Dr Yuval Steinitz, launched a Joint Venture (IOC Phinergy Private Limited) between Indian Oil Corporation Limited (Indian Oil) and Phinergy, an Israeli start-up company specializing in hybrid lithium-ion and aluminium-air/zinc-air battery systems.
As per the ministry statement on PIB, the JV plans to manufacture Aluminum-Air systems in India. Under this technology, recycling of used Aluminum will help India in becoming “Aatmanirbhar” for energy requirements. The new Indo-Israeli JV also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility.
Following this, to give a significant boost to India's pursuit of e-mobility, the two of the leading Automotive manufactures in India, Maruti Suzuki and Ashok Leyland, signed Letters of Intent (LOI) with the newly incorporated JV IOC Phinergy Limited during the launch ceremony.
Dharmendra Pradhan mentioned that energy is integral to support our fast-growing Indian economy and its ambitions. He said that the technology to develop indigenous batteries using locally available Aluminum fits into the energy vision of India as espoused by Prime Minister Modi, wherein he has given a clear call for increasing the contribution of electricity to decarbonize mobility.
Steinitz stated that "we have been looking to provide clean energy to India using technology that is made in Israel. This has been a big dream and the dream is becoming a reality today with the signing of these MoUs. I am sure that we are going to succeed with the help of all stakeholders."
At around 10.56 am, Maruti Suzuki was trading at Rs7197.70 per piece up Rs134.55 or 1.90% on Sensex.
On the other hand, Ashok Leyland was performing at Rs116 per piece down 0.9%, while Indian Oil traded at Rs97.65 per piece lower by 0.6% on Sensex.