Joint Venture5 Jun 2024, 08:08 pm
Indian Oil Corp. and Sun Mobility Pte. Ltd. Singapore Form a 50:50 Joint Venture for Battery Swapping Business in India
AI Summary
Indian Oil Corporation Ltd. (IndianOil) and Sun Mobility Pte Ltd Singapore (SMS) have signed a Joint Venture Agreement to form a private limited company for battery swapping business in India. 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. The initial paid-up share capital of the JV is Rs.2 lakh, with 20,000 equity shares having a face value of Rs.10 each, to be contributed equally by the JV partners. The rationale behind this JV is the exponential growth of the EV 2W and 3W market in India, and the expected prominence of battery swapping technology in EVs.
Key Highlights
- Indian Oil Corp. and Sun Mobility Pte. Ltd. Singapore form a 50:50 joint venture for battery swapping business in India.
- 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.
- The initial paid-up share capital of the JV is Rs.2 lakh, with 20,000 equity shares having a face value of Rs.10 each, to be contributed equally by the JV partners.
- The rationale behind this JV is the exponential growth of the EV 2W and 3W market in India.
- Battery Swapping technology is expected to be one of the prominent energy dispensing technologies in EVs.