Indian Oil Corporation Limited (IOCL) has taken a significant step towards advancing clean energy in India by agreeing to a binding term sheet to establish a joint venture (JV) with Panasonic Energy Company Limited. The purpose of this JV is to manufacture cylindrical lithium-ion cells in India, catering to the growing demand for batteries in various applications such as electric three-wheel vehicles and energy storage systems.
This collaboration follows the signing of a Heads of Settlement between the two companies on January 21, 2024, in New Delhi. Both parties have been actively engaged in a feasibility study to leverage battery technology in facilitating India's transition to clean energy. They aim to finalize the details of their collaboration by the summer of the current year.
The establishment of local manufacturing facilities will not only create a complete supply chain ecosystem but also bolster India's self-reliance and reinforce its position in the global energy landscape. Moreover, it will stimulate demand for domestically sourced raw materials, promote domestic value addition, facilitate the entry of new market players, and propel the growth of India's battery industry, particularly in highly efficient cell technology.
With a population of 1.4 billion and a rapidly growing economy, India presents immense market potential, positioning itself to become the world's third-largest economy in terms of gross domestic product. IOCL is committed to achieving its net-zero operational emissions target by 2046, aligning with India's overarching goal of attaining carbon neutrality by 2070. This collaboration with Panasonic signifies a significant step towards realizing these environmental objectives while also fostering technological innovation and economic growth in India.
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