Oil giant IOCL teams with Panasonic for India's advanced battery future

Oil giant IOCL teams with Panasonic for India's advanced battery future

New Delhi: Indian Oil Corporation Ltd. & Panasonic India to explore possibilities for setting up a joint venture for advanced cell manufacturing for Lithium-ion batteries. 

Both the companies signed MoU in the presence of Union Minister Shri Hardeep Singh Puri, Amitabh Kant, Secretary Ministry of Petroleum and Natural Gas, Government of India, Sh Pankaj Jain, Chairman IOCL Sh SM Vaidya, President- Panasonic India Mr Daizo Ito & senior officers of the two companies.

 

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Minister Hardeep Singh in a recent Post states that the development of a domestic battery manufacturing ecosystem is crucial to India’s ambitious push towards renewable energy & electric mobility under the far sighted leadership of PM Narendra Modi.

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India’s automobile sector contributes 7.1% of GDP & 4.7% of our exports while it generates about 37 million employment opportunities. Battery manufacturing in India is critical to ensure that we are able to transition to electric mobility in a seamless manner.

To promote battery manufacturing, Govt. of India approved the PLI Scheme ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ with a budgetary outlay of Rs 18,100 cr 30GWh capacity is expected to accelerate EV adoption leading to net savings of Rs 2,00,000 cr to Rs 2,50,000 cr on account of oil import bill reduction during the period of this programme.

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