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Indian Oil Corporation Limited and Panasonic Energy Co. Ltd. have signed a binding term sheet to establish a joint venture for manufacturing cylindrical lithium-ion cells in India, aiming to support the transition to clean energy. This collaboration is expected to enhance India's self-reliance in battery manufacturing and contribute to the growth of the lithium-ion battery industry. The initiative aligns with IndianOil's goal of achieving net-zero operational emissions by 2046 and supports India's broader carbon neutrality objectives by 2070.

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7 views

io jv

Indian Oil Corporation Limited and Panasonic Energy Co. Ltd. have signed a binding term sheet to establish a joint venture for manufacturing cylindrical lithium-ion cells in India, aiming to support the transition to clean energy. This collaboration is expected to enhance India's self-reliance in battery manufacturing and contribute to the growth of the lithium-ion battery industry. The initiative aligns with IndianOil's goal of achieving net-zero operational emissions by 2046 and supports India's broader carbon neutrality objectives by 2070.

Uploaded by

jimmydesi9
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Indian Qil Corporation Limited |ndianoil
Regd. Office : 'Indian Oil Bhavan',
G-9, All Yavar Jung Marg, Bandra (East), Mumbai - 400 051. A Maharatna
Fax : 022-26447961 . Tel.: 2644 7616 Company
Email ID: [email protected] * website : www.iocl.com
CIN-123201MH1959G01011388

No. Secl/Listing 31%t March 2024

National Stock Exchange of India Limited BSE Ltd.


Exchange Plaza, 5% Floor, 1% Floor,
Bandra —Kurla Complex, New Trading Ring,
Bandra (E), P J Tower, Dalal Street,
Mumbai — 400051 Mumbai — 400001

Ref.:- Symbol: 10C; Security Code: 530965; ISIN: INE242A01010

Dear Sir,

Sub: Press Release

Please find attached a copy of the press release, being issued by the Company titled “IndianQil
and Panasonic Energy sign a Binding Term Sheet for Manufacturing Lithium-lon Cells in India”.

The above is for information & record please.

Thanking you,

Yours faithfully,
For Indian Oil Corporation Limited
KAMAL Digitally signed by KAMAL KUMAR GWALANI
DN: c=IN, o=PERSONAL, title=0995,
pseudonym=a461eae76cbf42cfad5c034d5c1aa66

KUMAR
e,
2.5.4.20=520412371f39f68310840b27826ad9688c
4d140db4a5676c0fb190959ef51ea8,
postalCode=400076, st=Maharashtra,
serialNumber=a2db5c4b0d03501a7497077fb586

GWALANI
0ca5c271769edc3e1b867e8ddab9e50419ef,
cn=KAMAL KUMAR GWALANI
Date: 2024.03.31 14:35:49 +05'30'

(Kamal Kumar Gwalani)


Company Secretary
PRESS RELEASE

IndianOil and Panasonic Energy sign a Binding Term Sheet


for Manufacturing Lithium-lon Cells in India

Panasonic
Indianoil

Signing Ceremony of ——

Photo Caption: 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.

New Delhi: Aiming to empower the transition to clean energy in India, Indian Oil
Corporation Limited ("IndianOil") and Panasonic Energy Co. Ltd., a Panasonic Group
Company, have signed a binding term sheet to draw a framework for formation of a
JV for manufacturing cylindrical lithium-ion cells in India in anticipation of expanding
demand for batteries for two-and three-wheel vehicles and energy storage systems in
the Indian market. This signing of binding term sheet follows soon after the signing of
a Heads of Agreement on 215t January 2024 at New Delhi by the two companies. The
two companies are engaged in a feasibility study regarding the utilization of battery
technology to facilitate the transition to clean energy in India, with the aim of finalizing
details of their collaboration by the summer of this year.

In addition to meeting domestic requirements, investments in setting up local


manufacturing will set up a complete supply chain ecosystem improving India’s self-
reliance, fortifying India's position in the global energy landscape. This will also lead
to creating demand for raw material sourcing within the country, enhancing domestic
value addition, encourage the entry of new market participants and the growth of
India's battery industry in terms of highly efficient cell technology.
A 4
IndianOil

PRESS RELEASE
With a population of 1.4 billion, India's market potential is underscored by its projection
to become the world's third-largest economy in GDP. IndianQil is aiming to achieve its
net-zero operational emissions target by 2046, aligning with the India’s goal to achieve
carbon neutrality for the country by 2070. In recent years, IndianOil has actively
engaged in the development of clean energy sources, including the utilization of solar
power, biofuels and hydrogen.

IndianQil aims to address environmental challenges, such as reducing CO2 emissions,


through its partnership with Panasonic Energy. Leveraging Panasonic Energy’s
expertise in battery development and manufacturing, both companies will strive to
contribute to the growth of the lithium-ion battery industry and to India's energy
transition, while pursuing its mission of helping to build a sustainable society.

About Indian Oil Corporation Ltd.

IndianQil is one of the largest and most trusted corporates and the top-ranked Indian
energy PSU in the Fortune 500 rankings. A diversified, integrated energy major,
IndianQil has a presence in almost all the streams of oil, gas, petrochemicals, and
alternative energy sources. With a 31000-plus workforce, extensive refining,
distribution & marketing infrastructure, and advanced R&D facilities, IndianQil touches
the lives of over a billion-plus Indians every day through its ever-expanding network of
customer touchpoints, currently numbering over 60,000 across the country. The
brand's global aspirations are fulfilled through its strong business forays in Sri Lanka,
Mauritius, the UAE, and other countries.

About Panasonic Energy Co., Limited

Panasonic Energy Co., Ltd., established in April 2022 as part of the Panasonic Group's
switch to an operating company system, provides innovative battery technology-based
products and solutions globally. Through its automotive lithium-ion batteries, storage
battery systems and dry batteries, the company brings safe, reliable, and convenient
power to a broad range of business areas, from mobility and social infrastructure to
medical and consumer products. Panasonic Energy is committed to contributing to a
society that realizes happiness and environmental sustainability, and through its
business activities the Company aims to address societal issues while taking the lead
on environmental initiatives. For more details, please visit
hitps://www.panasonic.com/global/energy/

Shyam Bohra
Executive Director (Corp. Comm. & Coordination)
IndianOQil

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