Indian Oil Corporation Ltd to form JV for battery swapping business in India

The Board of Directors of Indian Oil Corporation Limited has approved the formation of a Joint Venture Company for battery swapping business in India as a Private Limited Company with 50:50 collaboration between IndianOil and Sun Mobility Pte. Ltd. Singapore (SMS) with IndianOil's equity investment of Rs.1800 crore (Rupees One Thousand Eight Hundred crore only) till financial year 2026-27.

The Board has also accorded approval for investment of USD 78.31 million in IOCL Singapore Pte. Ltd., Singapore (a Wholly Owned Subsidiary of IndianOil) for acquisition of Preference Shares and Warrants of SMS. These investments are subject to receipt of necessary statutory / regulatory approvals.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 99.25 as compared to the previous close of Rs. 98.60. The total number of shares traded during the day was 3671137 in over 16681 trades.

The stock hit an intraday high of Rs. 101.20 and intraday low of 98.80. The net turnover during the day was Rs. 366028831.00.

Source : Equity Bulls

Keywords

IndianOilCorporation INE242A01010 JointVenture SunMobility BatterySwappingBusiness India