Indofast Energy, a joint venture between Indian Oil Corporation and SUN Mobility, has appointed former DealShare CEO Kamaldeep Singh as its new leader. The company is planning a $1 billion investment to build a network of 10,000 battery-swapping stations across India over the next three years, focusing on large-scale electric vehicle infrastructure.
Indofast Energy, the joint venture between Indian Oil Corporation (IOCL) and SUN Mobility, has appointed Kamaldeep Singh as its new Chief Executive Officer. Singh, who previously served as the CEO of the e-commerce startup DealShare, will now focus on the infrastructure side of the electric vehicle market. His primary mandate at the joint venture is to oversee the rollout of over 10,000 battery-swapping stations across 50 Indian cities, a massive project supported by a planned $1 billion investment over the next three years.
It is important for market participants to note that Indofast Energy is a private, unlisted joint venture. Investors looking for exposure to the electric vehicle or energy sector on the stock exchange should clearly distinguish this company from other listed energy players, such as Indowind Energy, which is a completely separate entity. As a private venture, Indofast Energy’s financial performance and shareholding are not available on public stock exchanges like the NSE or BSE.
This leadership appointment coincides with a broader organizational restructure. SUN Mobility has separately appointed Satish Sundaresan as its own CEO to lead global manufacturing and engineering operations. This division of labor aims to allow Sundaresan to focus on the technical production of smart batteries and infrastructure components, while Singh manages the operational deployment and retail expansion of the swapping network.
For the electric vehicle ecosystem, the success of this $1 billion rollout depends on several variables. The Battery-as-a-Service (BaaS) model relies heavily on network density and the rapid adoption of electric two-wheelers and three-wheelers. While the partnership leverages Indian Oil Corporation’s massive network of fuel retail outlets—providing an immediate footprint for these stations—the company faces significant execution risks. Building and maintaining a standardized, nationwide network requires high capital expenditure and sustained demand from EV fleet operators and individual consumers.
Singh’s transition from his previous role at DealShare marks a shift from the consumer e-commerce space to industrial infrastructure. His tenure at his previous firm was defined by a period of significant business contraction and operational downsizing. Moving to Indofast Energy, he will be tasked with managing a long-term capital-intensive project, a starkly different challenge from the rapid, short-term scaling required in the e-commerce sector.
Investors monitoring the EV infrastructure space may continue to track the progress of this joint venture through public announcements from its promoters, Indian Oil Corporation and SUN Mobility. The timeline for station deployment, the cost-efficiency of the battery-swapping units, and the rate of vehicle adoption in the cities targeted for expansion will be the key operational metrics to watch in the coming quarters.