Indian Oil and Panasonic Energy Forge Agreement to Manufacture Lithium Cells

Indian Oil Corp, India's leading refiner, has announced a significant partnership with Panasonic Energy aimed at establishing a joint venture for the production of lithium-ion cells within India. The move, as outlined in a statement released by the refiner on Sunday, is strategically designed to meet the anticipated surge in local demand for these critical components.

This collaboration builds upon an earlier agreement reached between the two entities regarding lithium-ion cells in January, indicating a deepening commitment to harnessing this technology domestically.

Lithium-ion batteries, crucial for powering electric vehicles (EVs) and storing energy, are poised to play a pivotal role in India's ambitious objective of achieving net-zero greenhouse gas emissions by 2070. With projections from an annual Economic Survey suggesting that sales of EVs in India could surpass 10 million units annually by 2030, the significance of this partnership in bolstering the nation's green energy infrastructure cannot be overstated.

HBL