The formation of a joint venture company for the battery swapping industry in India as a private limited company with a 50:50 collaboration between Indian Oil and Sun Mobility Private Limited.

Singapore (SMS) and an equity investment from Indian Oil of Rs. 1800 crore (Rupees One Thousand Eight Hundred Crore Only) until the fiscal year 2026–27 has been approved by the board of directors of Indian Oil Corporation Limited.

Additionally, the Board has given its approval for an investment of USD 78.31 million in IOCL Singapore Pte. Ltd., Singapore (an IndianOil subsidiary that is wholly owned) for the purpose of acquiring SMS's preference shares and warrants.

The acquisition of essential statutory and regulatory approvals is a condition of making these investments.