Indian Oil Corporation’s board has approved formation of a Joint Venture Company for battery swapping business in India as a Private Limited Company with 50:50 collaboration between IOC and Sun Mobility Singapore (SMS) with IOC’s equity investment of Rs 1800 crore till financial year 2026-27.
The Board has also accorded approval for investment of $78.31 million in 10CL Singapore, Singapore (a Wholly Owned Subsidiary of IOC) for acquisition of Preference Shares and Warrants of SMS. These investments are subject to receipt of necessary statutory/ regulatory approvals. The Board of Directors of the Company at its meeting held on July 7, 2023, has inter alia, approved the same.
Indian Oil Corporation (IOC) 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.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1318.25 |
| Indian Oil Corpn. | 143.85 |
| Bharat PetroleumCorp | 309.85 |
| HPCL | 408.90 |
| MRPL | 154.10 |
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