Rattanindia Enterprises zooms 14% on acquiring EV maker Revolt Motors

Revolt Motors is the highest-selling electric bike maker in the country, with its RV400 much in demand. RattanIndia Enterprises wants to make Revolt Motors the largest EV two-wheeler player in the country, it said

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RattanIndia Enterprises’ share price surged more than 14 percent in the morning trade of January 16 after the firm completed the acquisition of electric vehicle maker Revolt Motors.

“Rattanindia Enterprises  Limited has completed the acquisition of 100 percent shareholding in the electric motorcycles market leader Revolt Motors,” the company said in a statement said.

Revolt Motors is the highest-selling electric bike maker in the country, with a manufacturing facility in Haryana’s Manesar. The EV maker has expanded its footprint across the country, with 30 dealerships, the statement said.

Its flagship model RV400 is in huge demand and by far, the most technologically advanced bike in the world, RattanIndia Enterprises said. The company plans to scale up Revolt’s growth and make it the largest EV two-wheeler player in the country, it added.

Anjali Rattan, Business Chairperson, RattanIndia Enterprises Ltd, said, “The country needs environmentally sustainable mobility solutions and Revolt will surely be a leader in this transformation. Revolt bikes run on 3.24 kWh lithium-ion batteries. With top speeds of 85 km/hr, the batteries with a single charge of 4 hours have a range of 150 km.”

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EVs make up only around 2 percent of total automobile sales but the Indian government has set an ambitious target to increase the adoption of electric vehicles over the next decade, with focus on two-wheelers vehicles.

Sales in India are expected to rise by between 40 percent and 45 percent by 2030, at which point 13 million new vehicles will be sold annually, according to Bain & Company’s projections released in December.

India’s four-wheel vehicle sector is poised to grow by 15 percent to 20 percent by 2030, with 1 million new vehicles sold annually, the consulting firm said.

At 11.16 am, Rattanindia Enterprises was quoting at Rs 48.25, up Rs 5.70, or 13.40 percent on BSE. It touched an intraday high of Rs 50 and an intraday low of Rs 44.

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