The Board of Directors of Indian Oil Corporation Limited has approved the formation of a Joint Venture Company for battery swapping business in India as a Private Limited Company with 50:50 collaboration between IndianOil and Sun Mobility Pte. Ltd. Singapore (SMS) with IndianOil's equity investment of Rs.1800 crore till financial year 2026-27.

The Board has also accorded approval for investment of USD 78.31 million in IOCL Singapore Pte. Ltd., Singapore (a Wholly Owned Subsidiary of IndianOil) for acquisition of Preference Shares and Warrants of SMS. These investments are subject to receipt of necessary statutory / regulatory approvals.