Indian Oil, Panasonic To Form JV For Cylindrical Lithium-Ion Batteries

State-owned Indian Oil Corporation Limited (IOCL) will form a joint venture (JV) with Panasonic Group to manufacture cylindrical lithium-ion batteries.

To this end, Panasonic Energy Company Limited, a group firm of Japan-based multinational electronics company, has signed a binding term sheet to draw a framework for formation of the JV.

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.

Cylindrical lithium-ion batteries, as the name suggests, are cylindrical in shape. They are commonly used in consumer electronics, power tools, and electric vehicles. The cylindrical design allows for efficient packaging and facilitates easy integration into various devices.

Through its partnership with Indian Oil, Panasonic Energy aims to address environmental challenges such as reducing carbon dioxide emissions, as well as to contribute to establishing a complete supply chain ecosystem for improving India’s self-reliance fortifying India's position in the global energy landscape.

This will also lead to the growth of India's battery industry by enhancing cell technology and creating domestic demand for raw materials and new entrants, the statement added.