Indian Oil Corporation and Panasonic Energy have formalized their partnership to create a joint venture focusing on the production of cylindrical lithium-ion batteries within India. This collaboration marks a significant step towards promoting clean energy adoption in the country, in response to the growing demand for battery technology, especially for two- and three-wheel vehicles and energy storage systems.
Following an agreement reached on January 21 in New Delhi, both companies are now conducting a feasibility study aimed at harnessing battery technology to support India’s clean energy transition. They anticipate finalizing the details of their joint venture by the coming summer.
The initiative aims not only to cater to the domestic demand for batteries but also to develop a comprehensive supply chain ecosystem in India. This effort is expected to enhance India’s self-sufficiency and strengthen its position in the global energy sector. By fostering the domestic production of advanced cell technology, the venture is set to stimulate the demand for locally sourced materials, promote domestic value addition, attract new participants to the market, and support the growth of the battery industry within the country.
Given India’s significant market potential, with a population of 1.4 billion and projections to become the world’s third-largest economy by GDP, this joint venture is poised to play a crucial role in the nation’s economic and environmental future. Indian Oil Corporation is committed to reaching net-zero operational emissions by 2046, contributing to India’s aim for carbon neutrality by 2070.
Indian Oil has been actively exploring various clean energy sources, including solar, biofuels, and hydrogen. The partnership with Panasonic Energy is aimed at tackling environmental challenges, such as reducing carbon dioxide emissions, while also bolstering the lithium-ion battery industry and supporting India’s energy transition efforts. 
