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Indian Oil Corporation and Singapore’s Sun Mobility, form a 50:50 joint venture for battery swapping in India, with an initial paid-up capital of ₹2 lakh, to be contributed equally. The battery swapping will be for small-format electric vehicles (SFEV).
Indian Oil Corporation (IOCL) announced a 50:50 joint venture (JV) with Sun Mobility, Singapore, aimed at establishing a battery-swapping business in India. The JV will cater to the growing market for two-wheeler, three-wheeler, and four-wheeler electric vehicles (EVs) with a gross vehicle weight under two tonnes, termed Small Format Electric Vehicles (SFEVs).
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The newly formed JV will focus on deploying and operating Battery-as-a-Service (BAAS) solutions for SFEVs. This initiative includes retrofitting vehicles to convert them to electric using docks and batteries, facilitating their functionality over a network of swap points. These swap points will also encompass Indian Oil retail outlets, enhancing accessibility for EV users.
The JV will start with an initial paid-up share capital of ₹2 lakh, comprising 20,000 equity shares, each with a face value of ₹10. Both, IOCL and Sun Mobility will contribute equally to this capital, reflecting their equal stake in the venture.
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IOCL highlighted the rapid growth in the EV market, particularly in the two-wheeler and three-wheeler segments in India. Battery swapping technology is anticipated to become a significant method for energy dispensing in EVs, offering a quicker and more convenient solution compared to traditional charging methods.
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