India’s electric mobility revolution is set to receive a major 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 the companies signed MoU earlier this January for setting up a joint venture for advanced cell manufacturing for Lithium-ion batteries.
This collaboration signifies a significant step towards strengthening domestic lithium-ion battery production, a crucial component for electric vehicles (EVs) and energy storage systems.
The binding term sheet, signed in the presence of Shrikant Madhav Vaidya, Chairman of IndianOil, and Kazuo Tadanobu, President & CEO of Panasonic Energy, lays the groundwork for establishing a manufacturing facility for cylindrical lithium-ion cells within India.
This partnership comes at a time when India is witnessing a surge in demand for EVs. This JV will play a pivotal 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 is expected to introduce advanced and efficient battery solutions tailored for the Indian market.
This collaboration aligns with India’s vision of achieving self-reliance in critical sectors and marks a significant milestone in India’s journey towards a cleaner and more sustainable future.