(Yicai Global) Jan. 4 -- Shenzhen Center Power Tech Co. has penned a USD48.4-million deal to sell lithium-ion batteries to an Indian company as it looks to extend its reach in overseas markets.

The deal, agreed with Reliance Jio Infocomm Ltd., will cement the Chinese firm's status as a lithium-ion battery supplier and make it more competitive abroad, it said in a statement yesterday.

Lithium-ion batteries are a core component in new-energy vehicles, which are critical to plans made by India, the world's fifth-largest auto market, to sell only electric vehicles by 2030.

Center Power Tech is a high-tech firm engaged in the research, development and manufacture of lithium-ion and valve-regulation lead acid batteries. The new contract will make up 12.68 percent of its audited 2016 turnover.