Indian Oil announced that it has signed a binding term sheet with Panasonic Energy Co. to draw a framework for formation of a JV for manufacturing cylindrical lithium-ion cells in India.

The deal was made in anticipation of demand for batteries for two-and three-wheel vehicles as well as energy storage systems, in Indian markets.

Both the companies are engaged in 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.

Apart from fulfilling domestic requirements, investments in setting up local manufacturing will set up a complete supply chain ecosystem improving Indias self-reliance, fortifying India's position in the global energy landscape.

Indian Oil is aiming to achieve its net-zero operational emissions target by 2046, aligning with the Indias goal to achieve carbon neutrality for the country by 2070.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2023, the Government of India held 51.50% stake in the company.

The company reported standalone net profit of Rs 8,063.39 crore in Q3 FY24, steeply higher than Rs 448.01 crore recorded in Q3 FY23. Revenue from operations (excluding excise duty) declined 2.75% to Rs 1,99,103.97 crore in the quarter ended 31 December 2023 from Rs 2,04,740.20 crore posted in Q3 FY23.

The scrip rose 0.98% to trade at Rs 169.40 on the BSE.

by business-standard