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In order to meet growing domestic demand, India's largest refiner, Indian Oil Corp., declared in a statement that it collaborated with Panasonic Energy to establish a joint venture (JV) for the production of lithium-ion cells in India.
The agreement follows an initial understanding between the two companies on lithium-ion cells in January.
Lithium-ion batteries, which power electric vehicles (EV) and are used to store energy, are expected to play a major role in India's goal to be a net zero emitter of greenhouse gases by 2070.
The country is expected to see sales of more than 10 million EVs a year by 2030, according to an annual Economic Survey.
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