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Indian Oil and Sun Mobility Ink JV for Battery Swapping Business Indian Oil Corporation Ltd (IOCL) and Sun Mobility Pte Ltd, a Singapore-based entity, have signed a joint venture agreement to establish a battery swapping business in India. According to the exchange filing by IOCL, this new venture will be structured as a private limited company with a 50:50 collaboration between the two entities. Battery Swapping Business Model Battery swapping is an innovative alternative to traditional electric vehicle (EV) charging methods, involving the exchange of depleted batteries for fully charged ones. The joint venture aims to implement and operate a Battery-as-a-Service (BAAS) solution for two-wheelers, three-wheelers, and four-wheelers with a gross vehicle weight of less than two tonnes, referred to as Small Format Electric Vehicles (SFEVs). The business model includes retrofitting vehicles to convert them to SFEVs, utilizing docks and batteries that enable their functionality within the BA...