Indian Oil Corporation Limited announced that the Board 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 IndianQil and Sun Mobility Pte. Ltd. Singapore (SMS). In this regard, a Joint Venture Agreement has been signed between Indian Oil Corporation Ltd. 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, three-wheeler, and four-wheeler vehicles, each with a gross vehicle weight lower than 2 tonnes (Small Format Electric Vehicle - SFEV) (i) 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. Details of consideration paid /received in agreement/JV; Initial paid-up share capital of the JV shall be INR 0.2 million comprising 20,000 equity shares having face value of INR 10 each to be contributed equally by the JV partners. Significant terms and conditions of agreement /JV in brief; The JV shall undertake and operate Battery Swapping Business related to deployment and operation of BAAS for SFEVs in India.

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.