News / National
Indian firm eyes Zimbabwe for lithium refinery and EV manufacturing
07 Mar 2025 at 07:58hrs | Views
Vardhaan Lithium, the company spearheading India's first lithium refinery and battery manufacturing unit, has expressed keen interest in leveraging Zimbabwe's vast mineral resources, with plans for beneficiation and value addition.
A high-powered delegation, including Vardhaan Lithium's Chairman, Mr. Sunil Joshi, and Managing Director, Mr. Vedansh Joshi, met with President Emmerson Mnangagwa at State House in Harare to discuss investment opportunities in Zimbabwe's mining sector.
As part of its expansion into Zimbabwe, Vardhaan Lithium has partnered with local firm Microlight Mineral Resources to establish a Special Purpose Vehicle (SPV) named Avani Microlight. This collaboration will focus on mineral exploration in Bikita, Masvingo province, with long-term plans to establish a lithium battery assembly plant and an electric vehicle (EV) manufacturing plant in the same region.
Microlight Mineral Resources' Vice Chairman and Director for Corporate Affairs, Mr. Martin Matoi, confirmed that land has already been secured in Bikita to commence operations under the SPV.
"The two companies (Vardhaan and Microlight) have joined an SPV known as Avani Microlight to conduct exploration, mining, value addition, and beneficiation in the Bikita area of Masvingo," said Mr. Matoi. "The ultimate goal is to establish a battery assembly plant and an electric vehicle manufacturing plant in the same area."
Mr. Matoi also emphasized plans for skills and technology transfer, which will benefit Zimbabwean youths and contribute to economic growth.
"There will be an exchange programme where Zimbabwean youths and middle-aged adults will receive training in India before returning to work in Zimbabwe," he stated. "The whole idea is to transform the economy and the entire GDP of the country."
Vardhaan Lithium has expressed strong support for Zimbabwe's Vision 2030 goal of achieving upper-middle-income economic status.
"They are aligned with President Mnangagwa's vision of creating an upper-middle-income economy by 2030," Mr. Matoi said. "We aim to tap into their expertise as technical and financial partners."
Indian investment in Zimbabwe has surged to an estimated US$600 million, reflecting deepening bilateral relations between the two countries. These investments have directly employed around 5,000 Zimbabweans, with an additional 10,000 benefiting from indirect job creation.
With Indian firms increasing their presence in Zimbabwe and expanding their projects, the economic partnership between the two nations is set to strengthen further. Several projects are already underway, including one recently officiated by President Mnangagwa, highlighting the growing collaboration between Zimbabwe and India in key economic sectors.
A high-powered delegation, including Vardhaan Lithium's Chairman, Mr. Sunil Joshi, and Managing Director, Mr. Vedansh Joshi, met with President Emmerson Mnangagwa at State House in Harare to discuss investment opportunities in Zimbabwe's mining sector.
As part of its expansion into Zimbabwe, Vardhaan Lithium has partnered with local firm Microlight Mineral Resources to establish a Special Purpose Vehicle (SPV) named Avani Microlight. This collaboration will focus on mineral exploration in Bikita, Masvingo province, with long-term plans to establish a lithium battery assembly plant and an electric vehicle (EV) manufacturing plant in the same region.
Microlight Mineral Resources' Vice Chairman and Director for Corporate Affairs, Mr. Martin Matoi, confirmed that land has already been secured in Bikita to commence operations under the SPV.
"The two companies (Vardhaan and Microlight) have joined an SPV known as Avani Microlight to conduct exploration, mining, value addition, and beneficiation in the Bikita area of Masvingo," said Mr. Matoi. "The ultimate goal is to establish a battery assembly plant and an electric vehicle manufacturing plant in the same area."
Mr. Matoi also emphasized plans for skills and technology transfer, which will benefit Zimbabwean youths and contribute to economic growth.
"There will be an exchange programme where Zimbabwean youths and middle-aged adults will receive training in India before returning to work in Zimbabwe," he stated. "The whole idea is to transform the economy and the entire GDP of the country."
Vardhaan Lithium has expressed strong support for Zimbabwe's Vision 2030 goal of achieving upper-middle-income economic status.
"They are aligned with President Mnangagwa's vision of creating an upper-middle-income economy by 2030," Mr. Matoi said. "We aim to tap into their expertise as technical and financial partners."
Indian investment in Zimbabwe has surged to an estimated US$600 million, reflecting deepening bilateral relations between the two countries. These investments have directly employed around 5,000 Zimbabweans, with an additional 10,000 benefiting from indirect job creation.
With Indian firms increasing their presence in Zimbabwe and expanding their projects, the economic partnership between the two nations is set to strengthen further. Several projects are already underway, including one recently officiated by President Mnangagwa, highlighting the growing collaboration between Zimbabwe and India in key economic sectors.
Source - The Herald
