Indian Oil Corp, India’s leading refiner, has inked a deal with Panasonic Energy to establish a joint venture aimed at producing lithium-ion cells within India, according to Reuters citing the company’s statement on Sunday.
According to the statement, this strategic move is geared towards meeting the escalating local demand. Moreover, this agreement builds upon an earlier understanding reached between the two entities regarding lithium-ion cells back in January.
Lithium-ion batteries, crucial for powering electric vehicles (EVs) and storing energy, are poised to play a pivotal role in India’s ambitious target of achieving net-zero greenhouse gas emissions by 2070.
Projections from an annual Economic Survey suggest that India could witness sales of over 10 million EVs annually by 2030.
