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Indian Oil and Panasonic Energy Ink Pact for Li-ion Cell Production in India

Indian Oil Corporation Ltd. (IOCL) and Panasonic Energy Co. Ltd. of Japan have signed a term sheet to establish a Joint Venture (JV) focused on manufacturing cylindrical Lithium-ion cells in India. This information was shared by IOCL in a stock filing dated 31st March 2024.

This partnership aims to address growing demand for Li-ion cells in India, driven by the Electric Vehicles (EVs) and Battery Energy Storage Systems (BESS). IOCL will leverage Panasonic Energy’s expertise in battery development and manufacturing.

Currently, IOCL and Panasonic are engaged in a feasibility study “…regarding the utilization of battery technology to facilitate the transition to clean energy in India”. Details of IOCL and Panasonic’s collaboration will be finalised by “the summer of this year”, as per the filing.
Indian Oil and Panasonic Energy seek to set up a ‘complete’ supply chain ecosystem for Li-ion batteries in India through addressing domestic cell requirements. This move, as per IOCL, will not only promote domestic raw material sourcing but also encourage new players to enter Indian Li-ion battery industry.