Panasonic and Indian Oil consider setting up cell production in India

Panasonic Energy and Indian Oil Corporation have signed a binding agreement and entered into discussions to create a framework for launching the joint venture, according to an official announcement. The plan is to produce round cells to meet the predicted high demand for two- and three-wheeled EVs in a few years, among other things.

The two companies intend to finalise details of their collaboration by the summer. At this stage, Panasonic only emphasises that through the partnership with Indian Oil, it wants to “address environmental challenges (…) 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.”

With a population of 1.4 billion people, Panasonic recognises India’s high market potential. Joint venture partner Indian Oil is the country’s largest state-owned oil production company and aims to achieve net zero CO2 emissions by 2046. The Indian government hopes to reach that target for the entire country by 2070. According to its own information, Indian Oil covers the areas of oil, gas, petrochemicals and alternative energy sources and employs a good 31,000 people.

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