Panasonic Group will form a joint venture with Indian Oil Corporation Ltd (IOCL), the nation’s biggest oil firm, to manufacture cylindrical lithium-ion batteries.
Panasonic Energy Co Ltd, a group firm of Japan-based multinational electronics company, has signed a binding term sheet and initiated discussions with IOCL “to draw a framework for the formation of a joint venture” to manufacture cylindrical lithium-ion batteries, said a statement on Sunday.
“This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market,” it added.
