RattanIndia to acquire 100% stake in electric motorcycles maker Revolt; stock jumps

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Shares of RattanIndia Enterprises Ltd jumped 10 percent intraday on October 7, after the company announced that it will acquire 100 percent stake in electric motorcycle maker Revolt Motors. The company had earlier acquired 33.84 percent of the shares with an option to further increase the shareholding.

At 11:55am, the stock traded at Rs 54.50 apiece on the BSE, up 9.44 percent, while the benchmark Sensex was down 245.8 points or 0.42 percent at 57,976.30.

"Revolt is currently by far the best EV bike in the world. It is truly world class in all aspects – its technology, cost, build quality and performance. With this acquisition of 100% shareholding in Revolt Motors we are doubling down on our belief that EV revolution in the country is coming in faster than we anticipate," said Anjali Rattan, RattanIndia Enterprises Chairperson.

" I do not have any doubt that what is good for environment and the country makes for a great business. Indian’s are very keen customers when they see value. We are ready for next growth phase for Revolt Motors," she added.

The company, in a stock exchange filing said that, "RattanIndia Enterprises Ltd. truly believes that electric mobility will define the future of automobiles in India and Revolt’s commitment to drive the passion of electric motorcycling is stronger than ever before."

To grant upfront subsidies to EV manufacturers, the Indian government has created the Faster Adoption and Manufacturing of Electric Vehicles in India II (FAME II) scheme with an investment of Rs. 10,000 crore. Moreover, a number of state governments also have programmes and incentives to speed up EV adoption in their jurisdictions.