Correct Answer :   IOCL and Panasonic

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Indian Oil Corporation Ltd. (IOCL) has collaborated with Panasonic Energy to establish a joint venture aimed at producing lithium-ion cells in India. This strategic partnership comes in response to the anticipated surge in demand for electric vehicles (EVs) and energy storage solutions within the country.

Key points :

Initial Understanding to Joint Venture : The collaboration follows an initial understanding between IOCL and Panasonic in January regarding lithium-ion cell production.

Objective : The joint venture aims to capitalize on India’s ambitious target of achieving net-zero greenhouse gas emissions by 2070 and support the transition to sustainable mobility and energy solutions.

Significance of Lithium-ion Batteries : Lithium-ion batteries serve as critical components in EVs and renewable energy storage systems, making them indispensable for India’s clean energy goals.

Projected EV Sales and Demand : India targets selling over 10 million EVs annually by 2030, as per the Indian government’s Economic Survey, driving a substantial increase in demand for lithium-ion batteries.

Utilizing Expertise and Resources : The partnership leverages IOCL’s extensive refining and distribution capabilities along with Panasonic’s battery technology expertise.

Location and Production Capacity : Details regarding the location and production capacity of the lithium-ion battery plant are yet to be disclosed.

Impact on Carbon Footprint and Clean Energy Adoption : The collaboration is expected to make a significant contribution to India’s efforts in reducing its carbon footprint and promoting the adoption of clean energy technologies.

India’s Lithium Reserves Discovery :

Discovery by Geological Survey of India (GSI) : The GSI recently identified significant lithium reserves of 5.9 million tonnes in the Salal-Haimana region of the Reasi district in Jammu and Kashmir (J&K), as well as in Revant Hill of Degana, Nagaur of Rajasthan.

Current Import Dependency : India currently heavily relies on imports for all major components required for lithium-ion cell manufacturing, spending approximately US$ 20.64 million on lithium-based imports in the first eight months of FY 2022-23.

Expected Decrease in Import Dependency : The discovery of lithium reserves in the Reasi district is anticipated to substantially reduce India’s dependence on lithium imports, thereby enhancing the country’s self-sufficiency in this critical area.