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Indian Oil, Panasonic Energy enter pact to make lithium cells

Thehindubusinessline · 1y ago

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Indian Oil Corp, India's top refiner, has partnered with Panasonic Energy to establish a joint venture that will manufacture lithium-ion cells within the country. This collaboration aims to meet the increasing demand for lithium-ion batteries, which are crucial for electric vehicles and energy storage. By forming this joint venture, both companies are positioning themselves to tap into India's growing electric vehicle market, which is projected to reach over 10 million EV sales annually by 2030. This move aligns with India's goal to become a net zero greenhouse gas emitter by 2070.