RattanIndia Enterprises said on Friday it was buying the stake it did not already own in electric motorcycle maker Revolt Motors, at a time when eco-conscious consumers are turning to alternatives to conventional vehicles.
The company supplies electricity to Maharashtra state and uses coal from South Coalfields Limited and Mahanadi Coalfields. Rattan India has two thermal power plants: the first is the Nashik power plant that was reported stranded in 2020 due to no long-term purchase agreements and conflicts on land acquisition. The other power plant is in Amravati that was commissioned in 2015.
RattanIndia, whose shares soared 10 percent in morning trade, did not disclose the size of the deal.
The deal is the latest in the Indian electric vehicle (EV) space after startups Euler Motors and Yulu received investments worth several millions of dollars in recent weeks, while local automobile giants Mahindra & Mahindra and Tata Motors have also ramped up their EV efforts.
EV sales are surging across the globe, with consultant AlixPartners expecting them to reach 33 percent globally by 2028 from less than 8 percent of global sales last year.
RattanIndia, which already owns a 33.84 percent stake in Revolt, said Revolt was the highest selling electric motorcycle in the country, with bike owners clocking in more than 100 million km on Indian roads so far.
Revolt Motors has a manufacturing facility in the northern Indian state of Haryana and 29 dealership stores across the country, the world’s largest two-wheeler market.
“We are ready for the next growth phase for Revolt Motors,” said Anjali Rattan, business chairperson of RattanIndia.