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The State-owned Indian Oil Corporation and Israeli-firm Phinergy has signed an agreement to launch a Joint Venture (JV) in India for manufacturing Aluminium-Air batteries in the country.

The pact was signed in the presence of Union Petroleum Minister Dharmendra Pradhan and Israel's Energy Minister Dr Yuval Steinitz.

The joint venture will manufacture Aluminum-Air systems in India to boost India's flagship programme - "Make in India" and recycle used Aluminum to strengthen India's energy security, the IOC said in a statment on Wednesday (17 March).

The new Indo-Israeli JV also intends to develop fuel cells and indigenous hydrogen storage solutions for promoting green mobility.

In a significant boost to India's pursuit of e-mobility, two of the leading automotive manufactures in India - Maruti Suzuki and Ashok Leyland -signed a Letter of Intent (LOI) with the newly incorporated JV IOC Phinergy Limited.

Speaking on occasion, Shri Pradhan said the fruition of the vision of Prime Minister Narendra Modi has resulted in this Joint Venture being launched today. He said that the joint venture will help India in its journey towards clean, sustainable, affordable, safe and long-lasting energy options and facilitate much faster adoption of e-Vehicles in the country.