IOCL ropes in Panasonic for manufacturing cylindrical lithium-ion cells in India

New Delhi, Mar 31: Indian Oil Corporation Limited and Japan's Panasonic Energy Co. Ltd., a Panasonic Group company, have signed a binding term sheet to form a JV for manufacturing cylindrical lithium-ion cells in India for two-and three-wheel vehicles and energy storage systems, the public sector oil giant announced on Sunday.

Indian Oil and Panasonic Energy are engaged in a feasibility study regarding the utilization of battery technology to facilitate the transition to clean energy in India, with the aim of finalizing details of their collaboration by the summer of this year. The companies plan to invest in setting up a local manufacturing supply chain ecosystem for improving India's self-reliance and fortifying the country's position in the global energy landscape.