Indian Oil Corporation Ltd inks Joint Venture Agreement with Sun Mobility Pte Ltd Singapore

The board of directors of Indian Oil Corporation Limited has accorded approval for formation of 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).

The JV will carry out the following business:

- Deployment and operation of Battery-as-a-Service solution (BAAS) for two-wheeler, threewheeler, and four-wheeler vehicles, each with a gross vehicle weight lower than 2 tonnes (Small Format Electric Vehicle - SFEV)

- Retrofit to convert to SFEV using docks and batteries to enable their functioning as electric vehicles for SFEV-BAAS over a network of swap points including IndianOil Retail Outlets.

Currently, EV 2W and 3W market is seeing exponential growth in India. Battery Swapping technology is expected to be one of the prominent energy dispensing technologies in EVs.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 159.15 as compared to the previous close of Rs. 154.40. The total number of shares traded during the day was 2091506 in over 19556 trades.

The stock hit an intraday high of Rs. 159.90 and intraday low of 148.00. The net turnover during the day was Rs. 322342109.00.

Source : Equity Bulls

Keywords

IndianOilCorporation JVAgreement SunMobility Singapore BAAS