Indian Oil, Panasonic Energy enter pact to make lithium cells

Indian Oil, Panasonic Energy enter pact to make lithium cells

Technology

Indian Oil, Panasonic Energy enter pact to make lithium cells

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NEW DELHI (Reuters) - India's top refiner Indian Oil Corp 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.