State-run Indian Oil Corporation (IOC) on Friday said that its board has approved raising of up to ₹22,000 crore via rights issue, which is likely to be utilised among other things for its green energy initiatives.
The country’s largest oil marketing company (OMC) also announced the formation of a joint venture (JV) with Sun Mobility for entering the battery swapping space.
“Raising of capital by way of issue of equity shares on right basis upto an amount not exceeding ₹22,000 crore subject to receipt of necessary statutory approvals as may be required,” IoC said in a filing on the BSE.
The details of rights issue will be intimated separately, it added.
Also read: IOC in talks with TN, Kerala governments for setting up green hydrogen units
“Formation of a JV company for battery swapping business in India as a private limited company with 50:50 collaboration between IOC and Sun Mobility Pte. Ltd. Singapore (SMS) with IndianOil’s equity investment of ₹1800 crore till FY27,” IOC said.
The Board has also accorded approval for an investment of $78.31 million in 10CL Singapore, a wholly-owned subsidiary, for the acquisition of preference shares and warrants of SMS. These investments are subject to receipt of necessary statutory/ regulatory approvals, it added.