The funds to be used in this expansion will be used from the money RattanIndia had acquired after selling its entire solar portfolio to GIP Group
RattanIndia Enterprises is going to invest in expansion of Revolt Motors presence in 35 cities. The former had recently acquired stake in Revolt Motors.
Anjali Rattan, promoter of Rattan India Enterprises, told the Hindu Business Line, “We are really bullish on the EV space, with the government’s push for electrification, we think this sector holds a huge promise for growth.”
The funds to be used in this expansion will be used from the money RattanIndia had acquired after selling its entire solar portfolio to GIP Group. The company had invested Rs 150 crore in electric motorcycle maker Revolt Intellicorp in April 2021.
Founded by Micromax co-founder Rahul Sharma, Revolt had traded 43 per cent stake of the company for the sum paid by RattanGroup. The deal happened to be RattanIndia Enterprises’ first investment in a new age manufacturing business. As part of the deal, Rajiv Rattan was made chairman of the board of Revolt.
“Our partnership with RattanIndia Enterprise Ltd. complements our vision to offer eco-friendly transportation solutions as well as look forward to expanding our reach to a larger base of customers across top 35 Indian cities,” Sharma had said at the time of the deal.
Rajiv Rattan had added, “We firmly believe that the speed of adoption of EVs’ in the country will be beyond anybody’s imagination. We are confident that this partnership between RattanIndia and Rahul Sharma will lead to creating the number one EV company in India. At RattanIndia Enterprises, we will continue to invest in high growth tech-enabled new-age businesses.”
The Department of Heavy Industry has recently made modifications including incentives of Rs 15,000 per KWh for electric 2 wheelers, with a cap of incentives at 40 per cent of the cost of the vehicles, to the FAME II. The incentives previously stood at Rs 10,000.
