South Korea's LG Energy Solution, the largest supplier of battery cells to electric scooter manufacturers in India, plans to increase its presence in the country's passenger vehicle market, the company said in a statement on Thursday.
LG Energy, which supplies batteries globally to automakers such as Tesla and Hyundai, said it is "proactively seeking partnerships" with local electric vehicle makers as it looks to grow its business in one of the world's fastest-growing auto markets.
The company did not specify which electric car companies it was in talks with.
LG Energy's Indian unit dominates the supply of battery cells to domestic electric bike manufacturers such as Ola Electric, which is backed by Softbank Group and local rival TVS.
The company owns more than 50% of this market since it established its unit in India in 2023. It also supplies battery cells to local automaker Mahindra & Mahindra for its electric vehicles.
The electric car market in India is small but growing, and the government aims for 30% of total car sales in 2030 to come from electric models. The authorities also want 70% of scooters to be electric during the same period.
India has urged companies to manufacture electric cars and batteries locally and is offering incentives under the local manufacturing programme.
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