Indian Oil, Panasonic's partner for the production of lithium-ion cells in India

India's electric mobility revolution will get a big boost with the announcement of a joint venture (JV) between IndianOil Corporation Ltd. (IndianOil) and Panasonic Energy Co. Ltd. (Panasonic Energy).

This news comes after both companies signed an MoU in early January to create a joint venture for the manufacturing of advanced cells for lithium-ion batteries.

This collaboration is a significant step towards strengthening domestic production of lithium-ion batteries, a crucial component for electric vehicles (EVs) and energy storage systems.

The binding term sheet, signed with the presence of Shrikant Madhav Vaidya, Chairman of IndianOil, and Kazuo Tadanobu, Chairman and CEO of Panasonic Energy, lays the groundwork for establishing a manufacturing facility for cylindrical lithium-ion cells in India.

This partnership comes at a time when India is witnessing a surge in demand for electric vehicles. This JV will play a key role in establishing domestic manufacturing capabilities, reducing dependence on foreign suppliers and strengthening the Indian EV ecosystem.

Leveraging Panasonic Energy's expertise in lithium-ion battery technology, the JV company is expected to introduce advanced and efficient battery solutions tailored to the Indian market.

This collaboration aligns with India's vision of achieving self-sufficiency in critical sectors and marks a significant milestone in India's journey towards a cleaner and more sustainable future.