Indian Oil Corporation Limited (“Indian Oil”) and Panasonic Energy Co. Ltd., a Panasonic Group Company, have finalized a binding term sheet to establish a joint venture for manufacturing cylindrical lithium-ion cells in India. The agreement aims to address the growing demand for batteries in two- and three-wheel vehicles and energy storage systems, anticipating the nation’s transition to clean energy. This follows the signing of a Heads of Agreement on January 21, 2024, and both companies are currently engaged in a feasibility study to finalize collaboration details by summer.
In addition to meeting domestic demand, investments in local manufacturing will bolster India’s self-reliance, strengthen its position in the global energy landscape, and stimulate the growth of India’s battery industry. With India poised to become the world’s third-largest economy, IndianOil is committed to achieving net-zero operational emissions by 2046, aligning with the nation’s carbon neutrality goal by 2070. Leveraging Panasonic Energy’s expertise in battery development and manufacturing, both companies aim to contribute to India’s energy transition while promoting sustainability.
About Indian Oil Corporation Ltd
Indian Oil Corporation Ltd. is a Fortune 500-ranked energy PSU, with a presence in oil, gas, petrochemicals, and alternative energy sources. With an extensive workforce and infrastructure, IndianOil serves over a billion Indians daily and has global operations in countries like Sri Lanka, Mauritius, and the UAE.
About Panasonic Energy Co., Limited
Panasonic Energy Co., Ltd., established in April 2022, provides innovative battery technology-based products and solutions globally. Through its offerings, the company aims to contribute to societal happiness and environmental sustainability. For more information, visit https://www.panasonic.com/global/energy/.