IOC planning to set up 1 GW electric vehicle battery plant: Report

Indian Oil Corporation (IOC) is reportedly planning to set up a 1 Giga Watt (GW) plant to make batteries used for running electric vehicles (EVs) in partnership with an overseas start-up using a non-lithium ion raw material that is locally available.

The move fits well with the government’s strategy to facilitate the adoption of EVs in the country’s energy basket, and cut the fuel import bill.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.