Indian Oil Corporation has signed an agreement with Sun Mobility, Singapore for establishing a 50:50 joint venture for battery swapping business. The JV will carry out the following business: (i) Deployment and operation of Battery-as-a-Service solution (BAAS) for two-wheeler, three wheeler, and four-wheeler vehicles, each with a gross vehicle weight lower than 2 tonnes (Small Format Electric Vehicle - SFEV) (ii) Retrofit to convert to SFEV using docks and batteries to enable their functioning as electric vehicles for SFEV-BAAS over a network of swap points including IndianOil Retail Outlets. Powered by Capital Market - Live News

The Board of Indian Oil Corporation at its meeting held on 30 May 2024 has accorded approval for re-routing the investment of USD 78.31 million in 10C Global Capital Management IFSC (a Wholly Owned Subsidiary of IndianOil) in place of IOCL Singapore for acquisition of Preference Shares and Warrants of Sun Mobility, Singapore.Powered by Capital Market - Live News

Indian Oil Corporation announced that Sunil Kumar (DIN � 08467559), Government Nominee Director, representing the MoP&NG on the Board of the Company has ceased to be a Director of the Company w.e.f. 7 May 2024 (afternoon). Powered by Capital Market - Live News

Net profit of Indian Oil Corporation declined 49.96% to Rs 5148.87 crore in the quarter ended March 2024 as against Rs 10289.82 crore during the previous quarter ended March 2023. Sales declined 2.56% to Rs 198649.76 crore in the quarter ended March 2024 as against Rs 203872.27 crore during the previous quarter ended March 2023.For the full year,net profit rose 326.16% to Rs 41729.69 crore in the year ended March 2024 as against Rs 9792.12 crore during the previous year ended March 2023. Sales declined 7.77% to Rs 776351.85 crore in the year ended March 2024 as against Rs 841755.91 crore during the previous year ended March 2023. ParticularsQuarter EndedYear Ended�Mar. 2024Mar. 2023% Var.Mar. 2024Mar. 2023% Var. Sales198649.76203872.27 -3 776351.85841755.91 -8 OPM %6.038.68 -9.743.65 - PBDT11513.3917046.76 -32 73153.9028218.74 159 PBT7419.6413758.61 -46 57287.7915037.69 281 NP5148.8710289.82 -50 41729.699792.12 326 Powered by Capital Market - Live News

The Board of Indian Oil Corporation at its meeting held on 30 April 2024 has approved implementation of 1 GW installed capacity of Renewal Energy (RE) projects comprising standalone ground mounted Solar or standalone onshore Wind or Wind-Solar Hybrid projects at an estimated cost of Rs. 5,215 crore including taxes & duties in a phased manner through the proposed wholly owned subsidiary in domain of low carbon, new, clean & green energy business. The Board also approved an investment of Rs 1,303.75 crore as equity in aforesaid proposed WoS for implementation of 1 GW installed capacity of RE. Powered by Capital Market - Live News