Battery manufacturers LG Energy Solution (LGES) and Panasonic Energy are accelerating their plans to establish manufacturing facilities in India. LGES has shortlisted three states – Tamil Nadu, Telangana, and Andhra Pradesh – for its manufacturing facility, while Panasonic Energy is evaluating sites in four states – Telangana, Tamil Nadu, Maharashtra, and Karnataka.
LGES aims to start small and scale up gradually, with Tamil Nadu’s strong auto ecosystem potentially giving it an edge. Meanwhile, Panasonic Energy is keen to expedite its entry into the Indian market, following a prolonged evaluation process.
The companies have also announced plans to form partnerships and invest in India. LGES has entered into discussions with JSW Energy to form a joint venture for manufacturing EV and renewable energy storage batteries, which could involve a $1.5 billion investment. Panasonic Energy, on the other hand, has partnered with Indian Oil Corporation Limited (IOCL) to explore a joint venture for manufacturing cylindrical lithium-ion batteries.
Industry experts believe that these developments will have a transformative impact on India’s electric vehicle (EV) landscape, strengthening the supply chain, enabling technology transfer, and encouraging collaborations with local automakers. The entry of LGES and Panasonic will boost EV affordability, innovation, and position India as a key player in the global EV market.
Additionally, these advancements underscore India’s growing importance as a global hub for EV manufacturing and energy storage solutions, supporting the country’s clean energy transition and driving innovation. As a result, India is expected to attract more foreign investment and establish itself as a major player in the global EV market.