Indian Oil Corporation Ltd (IOCL) announced collaboration with Panasonic Energy of Japan to establish a joint venture focused on the production of cylindrical lithium-ion cells within India. The companies have signed a binding term sheet to lay the groundwork for the joint venture, following a prior heads of agreement signed in January 2024. The preliminary agreement, though non-binding, delineates the key issues pertinent to a potential sale, partnership, or similar arrangement.
Currently, both brands are engaged in a feasibility study exploring the utilization of battery technology to facilitate India’s transition towards clean energy. As reported by mint, the initiative coincides with the burgeoning momentum of lithium-ion cell manufacturing in India, driven by increasing demand from electric vehicles and battery energy storage systems (BESS).
