Indian Oil to build a 1 GW electric vehicle battery plant

State-run oil refiner Indian Oil Corporation Ltd will set up a 1 Giga Watt (GW) plant to make batteries used for running electric vehicles (EVs) in partnership with an overseas start-up using a non-lithium ion raw material that is locally available, Chairman Sanjiv Singh said on Wednesday.

The move fits well with the government’s strategy to facilitate the adoption of EVs in the country’s energy basket, and cut the fuel import bill. It also supports a key element of the EVs industry — batteries and their recharge.

“If we look at EVs today, we know that it is more efficient, less complex, very advanced and more economical, if you are looking at the car alone.