Indian Oil, Panasonic Energy enter pact to make lithium cells

Panasonic Energy India

31/03/2024 11:57

NEW DELHI, March 31 (Reuters) - India's top refiner
Indian Oil Corp  IOC.NS  entered a pact with Panasonic Energy to
form a joint venture to manufacture lithium-ion cells in India,
the refiner said in a statement on Sunday, to prepare for rising
local demand.
    The agreement follows an initial understanding between the
two companies on lithium-ion cells in January.
    Lithium-ion batteries, which power electric vehicles (EV)
and are used to store energy, are expected to play a major role
in India's goal to be a net zero emitter of greenhouse gases by
2070.
    The country is expected to see sales of more than 10 million
EVs a year by 2030, according to an annual Economic Survey.
    
    

 (Reporting by Shivangi Acharya in New Delhi; editing by Barbara
Lewis)
 ((shivangi.acharya@thomsonreuters.com))