31/01/2024
IndianOil signs Heads of Agreement with Panasonic Life Solutions India Pvt Ltd
Speaking on the occasion, Mr Puri stated that the Indian oil industry serves the energy needs of customers on a large scale, in terms of fulfilling oil demand of 5 million barrels per day and meeting the needs of 60 million customers who visit the retail outlets of all the oil majors on a daily basis. However, the electrification of 2 and 3-wheelers is happening at a faster pace, and therefore, there is a need to address this change in the demand for energy. In this burgeoning EV Space, the Lithium-Ion technology is well established and proving to be robust. Citing the strong and long relationship between India and Japan, Mr Puri welcomed the collaboration between IndianOil and Panasonic and urged the two companies to move from conceptualisation to implementation in a time-bound manner on this project. It would also create great economic opportunities for both companies. He lauded this as a great collaboration of a Private Japanese company and an Indian Public Sector undertaking, which would not only cater to India’s demand but also could become a low-cost export hub to the emerging economies. Mr Amitabh Kant emphasised the role of the automobile sector in India in terms of contribution to GDP and acknowledged the technical prowess of Panasonic in battery manufacturing. Underlining the importance of this project for India, he said this alliance could capitalise on the upcoming huge demand for batteries not only from 2 and 3-wheelers but also from trucks and buses. Speaking on the occasion, Mr Vaidya said that IndianOil offers a bouquet of energy to its customers, and a lithium-ion battery will be another very timely addition to this bouquet. He also said that this collaboration is another step in the direction of energy transition besides recent forays into Aluminium Air battery system, battery swapping and green hydrogen by IndianOil.
