Indian Oil Corporation (IOC) and Panasonic Energy Co., a Panasonic Group Company, have signed a binding term sheet to draw a framework for formation of a JV for manufacturing cylindrical lithium-ion cells in India in anticipation of expanding demand for batteries for two-and three-wheel vehicles and energy storage systems in the Indian market. This signing of binding term sheet follows soon after the signing of a Heads of Agreement on January 21 2024 at New Delhi by the two companies. The two companies 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.
In addition to meeting domestic requirements, investments in setting up local manufacturing will set up a complete supply chain ecosystem improving India’s self-reliance, fortifying India's position in the global energy landscape. This will also lead to creating demand for raw material sourcing within the country, enhancing domestic value addition, encourage the entry of new market participants and the growth of India's battery industry in terms of highly efficient cell technology.
Indian Oil Corporation is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
Company Name | CMP |
---|---|
Reliance Industries | 1223.50 |
Indian Oil Corp. | 138.25 |
BPCL | 291.85 |
HPCL | 413.45 |
MRPL | 148.70 |
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