Indian Oil Corporation inks JV agreement with Sun Mobility

05 Jun 2024 Evaluate

Indian Oil Corporation has signed joint venture (JV) agreement with Sun Mobility, Singapore on June 5, 2024. The JV shall undertake and operate Battery Swapping Business related to deployment and operation of BAAS for SFEVs in India. The JV ratio will be 50:50 between Indian Oil Corporation & Sun Mobility.

The JV will carry out the Deployment and operation of Battery-as-a-Service solution (BAAS) for two-wheeler, three-wheeler, and four-wheeler vehicles, each with a gross vehicle weight lower than 2 tonnes (Small Format Electric Vehicle - SFEV), and 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.

Indian Oil Corporation 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.


Indian Oil Corp. Share Price

138.25 0.45 (0.33%)
24-Dec-2024 16:59 View Price Chart
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Reliance Industries 1223.50
Indian Oil Corp. 138.25
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