The Company will build a 1GW electric vehicle plant
Indian Oil Corporation Ltd is a state-run oil refiner, and it plans to build a 1 Giga Watt (GW) mill to manufacture batteries utilised for operating electric vehicles (EVs). The Chairman, Sanjiv Singh said on Wednesday that they have a partnership with an international start-up employing non-lithium ion raw stuff that is locally accessible.
This is an excellent move by the organisation, and it even fits entirely with the government’s policy to promote the choice of electric vehicles in the nation’s energy basket, which will not only reduce the fuel import bill but also reduce the pollution. Moreover, this move also sponsors a fundamental element of the EVs industry that is batteries and their recharge.
The Chairman stated that the lithium-ion batteries that are used for the everyday purpose is not the exclusive answer or is the most suitable answer. A country like India do not own a single grain of lithium, and if want EVs to operate in the future in a huge way then we have to search for something which is indigenously accessible to us. The brand has already partnered with one organisation and is running on a solution which can be produced completely indigenously.
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According to Dr SS V Ram Kumar, Indian Oil’s director for Research and Development, the designed battery mill will make use of chemistries that are India-centric, as their raw material are readily available in the country. Moreover, its recycling technology is remarkably sophisticated, and the recycling enterprise is well settled in this nation. He even declared that it would make use of the transition group of components.
However, the location of the plant is not yet disclosed as it has not been decided yet. There is a hint from the director of research and development that it is likely to be established at a point where land is sold at a fair price, and all the legal permissions are available instantly. In addition to that, the plant will be built with the help of a special purpose vehicle (SPV) designed by IOC and the foreign entity. He even said that they are looking for some other organisations as well who can add some expertise to this venture.
IOCL declared that they have a strategic plan to raise their occupancy in the e-mobility and providing consumer touch-points along with battery-swapping and turbo-charging amenities for plug-in hybrids and EVs.