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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...

India Global Innovation Connect 2024: Catalyzing Innovation and Entrepreneurship in Bengaluru Bengaluru, India – In a significant testament to India's burgeoning prowess in innovation and entrepreneurship, the India Global Innovation Connect (IGIC) 2024 is set to convene in Bengaluru from June 6 to 7. This prestigious event is expected to draw over 500 participants from around the globe, highlighting India's emergence as a global hub for innovation and startups. IGIC 2024 is organized by the Karnataka Digital Economy Mission in collaboration with the US-based strategic advisory firm Claude Smadja & Smadja. The summit aims to spotlight India's growing influence as a global innovator and a nucleus for startup ecosystems. It will see representatives from powerhouse nations including the US, Japan, Korea, Germany, Singapore, Israel, Switzerland, France, and the UAE. The summit serves as a pivotal convergence point for startup founders, venture capitalists, corporate leade...