Indian Oil has signed a binding term sheet with Panasonic Energy Co. Ltd for manufacturing cylindrical lithium-ion cells in India.

Economy Business

Indian Oil has signed a binding term sheet with Panasonic Energy Co. Ltd for manufacturing cylindrical lithium-ion cells in India. The deal was made in anticipation of demand for batteries for two-and three-wheel vehicles as well as energy storage systems, in Indian markets. Apart from fulfilling domestic requirements, investments in setting up local manufacturing will set up a complete supply chain ecosystem improving Indias self-reliance, fortifying India's position in the global energy landscape.


      Indian Oil is aiming to achieve its net-zero operational emissions target by 2046, aligning with the Indias goal to achieve carbon neutrality for the country by 2070.

      Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2023, the Government of India held 51.50% stake in the company.

     

 

     


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