Indian Oil Corporation Limited (IOCL) and Panasonic Energy Co. Ltd., 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-wheeler 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 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 in the coming months
In addition to meeting domestic requirements, investments in setting up local manufacturing will set up a complete supply chain.
