According to media reports, on March 31st, India's largest oil refining company, Indian Oil Corporation (Indian Oil), issued a statement saying that the company has reached an agreement with Panasonic Energy to establish a joint venture to produce lithium-ion batteries in India, preparing to meet the growing local demand.
Indian Oil stated, "The demand for two-wheeler and three-wheeler vehicle batteries as well as energy storage systems in the Indian market is expected to expand, driving the implementation of this initiative." Earlier in January this year, Indian Oil and Panasonic Energy had reached a preliminary consensus on lithium-ion batteries.
In a joint statement, Indian Oil and Panasonic Energy mentioned that the two companies are conducting feasibility studies on using battery technology to facilitate India's transition to clean energy. Their goal is to "finalize cooperation details before this summer." Cylindrical lithium-ion batteries are typically used in consumer electronics, power tools, and electric vehicles, with Panasonic Energy being an automotive lithium-ion battery manufacturer.
Panasonic Energy stated in the declaration, "Through cooperation with Indian Oil, Panasonic Energy aims to address environmental challenges such as reducing carbon dioxide emissions and contribute to establishing a complete supply chain ecosystem to enhance India's self-sufficiency and strengthen India's position in the global energy landscape."
Lithium-ion batteries power electric vehicles and are used for energy storage, expected to play a crucial role in India's goal of achieving net-zero greenhouse gas emissions by 2070. An annual economic survey report indicates that annual sales of electric vehicles in India are projected to exceed 10 million units by 2030.
