The Business Bytes
TBB BUREAU
NEW DELHI, MAR 31, 2024
Indian Oil Corporation Limited and Japan’s Panasonic Energy Co. Ltd., a subsidiary of the Panasonic Group, have inked a binding term sheet to establish a joint venture dedicated to producing cylindrical lithium-ion cells within India. This collaboration aims to cater to the burgeoning market of electric two-wheelers, three-wheelers, and energy storage systems.
The partnership between Indian Oil and Panasonic Energy is centered around a feasibility study focusing on battery technology’s role in advancing India’s transition to clean energy. The objective is to finalize the specifics of their collaboration by the summer of this year.
The joint venture intends to make significant investments in establishing a local manufacturing supply chain ecosystem. This initiative not only bolsters India’s self-reliance but also reinforces the nation’s global energy standing. Moreover, it will stimulate demand for domestic raw material sourcing, amplifying domestic value addition and fostering growth within India’s battery industry, as outlined by Indian Oil in a statement.
Indian Oil emphasizes its commitment to addressing environmental challenges, particularly in reducing CO2 emissions, through its partnership with Panasonic Energy. Leveraging Panasonic Energy’s battery expertise and manufacturing capabilities, both entities aim to propel the growth of India’s lithium-ion battery sector and facilitate the nation’s energy transition, aligned with their shared vision of fostering sustainability.
Indian Oil further disclosed its ambition to achieve net-zero operational emissions by 2046, in line with India’s broader objective of attaining carbon neutrality by 2070. The company has demonstrated its dedication to clean energy development by actively pursuing various avenues such as solar power, biofuels, and hydrogen utilization in recent years.
