Indian Oil Corporation has signed an agreement with Sun Mobility, Singapore for establishing a 50:50 joint venture for battery swapping business.
The JV will carry out the following business:
(i) 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)
(ii) 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.
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