IndianOil and Panasonic Energy Co. Ltd signs a binding term sheet

The binding term sheet is signed to draw a framework for formation of a Joint Venture for manufacturing cylindrical lithium-ion cells in India. 

IndianOil and Panasonic Energy Co. Ltd signs a binding term sheet

New Delhi: IndianOil and Panasonic Energy Co. Ltd., have signed a binding term sheet, in line with the expanding demand for batteries for 2 & 3-wheeler vehicles & energy storage systems in the Indian market. 

The binding term sheet is signed to draw a framework for formation of a Joint Venture for manufacturing cylindrical lithium-ion cells in India. 

 

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The term sheet was signed in the presence of Mr. Shrikant Madhav Vaidya, Chairman, IndianOil and Mr. Kazuo Tadanobu, President & CEO, Panasonic Energy Co. Ltd.  Both companies will strive to contribute to the growth of the Indian lithium-ion battery industry & accelerate India’s self reliance and clean energy transition.

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