Indian Oil announced that it has signed a binding term sheet with Panasonic Energy Co. to draw a framework for formation of a JV 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.
Both the companies are engaged in feasibility study regarding the utilization of battery technology to facilitate the transition to clean energy in India, with the aim of finalizing details of their collaboration by the summer of this year.
