Replace text string using batch file

I have created batch file to change the varible name in to different format. Now i want to replace a character in a textfile and variable in batch file. If suppsoe = $/Batch Project: is the first line in text file. So is that possible to replace that : (colon) by slash (/).

Code:

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C:\>set var== $/Batch Project:
C:\>echo %var:~0,-1%
= $/Batch Project
C:\>set newpath=%var:~0,-1%/
C:\>echo %newpath%
= $/Batch Project/

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Code:

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C:\>echo = $/Batch Project: | sed "s/:/\//"
= $/Batch Project/

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