Key Points
New Delhi: Panasonic Group will form a joint venture with Indian Oil Corporation Ltd (IOCL), the nation's biggest oil firm, to manufacture cylindrical lithium-ion batteries..
Panasonic Energy Co Ltd, a group firm of Japan-based multinational electronics company, has signed a binding term sheet and initiated discussions with IOCL "to draw a framework for the formation of a joint venture" to manufacture cylindrical lithium-ion batteries, said a statement on Sunday...
"This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market," it added...
"Through its partnership with IndianOil, Panasonic Energy aims to address environmental challenges, such as reducing CO2 emissions, as well as to contribute to establishing a complete supply chain ecosystem for improving India's self-reliance and fortifying India's position in the global energy landscape," it said...
"Leveraging its expertise in battery development and manufacturing, Panasonic Energy strives to contribute to the growth of the lithium-ion battery industry and India's energy transition, while pursuing its mission of helping to build a sustainable society," it said.. Established in April 2022, Panasonic Energy provides battery technology-based products and solutions globally...
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