IOCL to tie up with a global start-up to produce EV batteries

MUMBAI : State-run oil refiner and marketer Indian Oil Corporation Ltd is foraying into energy storage and batteries for running electric vehicles (EVs) in partnership with an overseas start-up, using a non-lithium ion raw material available locally, Chairman Sanjiv Singh said today in Mumbai.

“The lithium-ion battery we see today is not the only answer. We don’t lithium in India so, if you are looking at EVs in a big way, we have to look for something which is indigenously available. We have already tied-up with one company and we are working on a solution which can be manufactured 100% indigenously,” Singh told media persons post the company’s annual general meeting in Mumbai.

IOCL said it has a strategic intent to scale up its presence in the e-mobility as well as equipping customer touch-points with turbo-charging and battery-swapping facilities for EVs and plug-in hybrids.