Explanation:

State-owned Indian Oil Corporation (IOC) and Israeli battery developer Phinergy formed a joint venture to manufacture ultra-lightweight metal-air batteries for electric vehicles (EVs).
The joint venture will replace lithium with aluminium to make batteries that will charge faster and work for a longer time. The first customers of the company are Maruti Suzuki and Ashok Leyland. IOC had acquired a minority stake in Phinergy Ltd last year.