In September, Ola said it was looking to expand into Latin America, ASEAN and European Union countries

The discovery comes at a time when India is looking to strengthen its supply of critical minerals that will be crucial for furthering its electric vehicle plans

CEO Jim Rowan said the automaker is assessing logistics and "cost benefits" as the plant will "feed other countries other than just India"

Firms from Hyundai Motor to BYD are set to focus on electric cars, while Maruti Suzuki and Toyota Motor are expected to also showcase hybrid and hydrogen fuel-cell vehicles