BackRattanIndia Enterprises acquires EV maker Revolt Motors
After this acquisition, Revolt Motors has become a 100 per cent subsidiary of RattanIndia Enterprises
PremiumRattanIndia Enterprises Ltd on Saturday said it has completed the acquisition of Revolt Motors. The company is into manufacturing of electric vehicles.
After this acquisition, Revolt Motors has become a 100 per cent subsidiary of RattanIndia Enterprises Ltd, the company said in a statement.
In October, last year, RattanIndia had announced its plans to acquire Revolt Motors. The company had earlier acquired 33.84% of the shares with an option to further increase the shareholding.
"RattanIndia Enterprises Limited has completed acquisition of 100 per cent shareholding in the electric motorcycles market leader Revolt Motors," the statement said.
Revolt Motors is the highest selling electric bike in the country with its manufacturing facility in Manesar, Haryana. The EV maker has expanded its footprint pan-India with 30 dealerships spread across the country.
Its flagship model RV400 has been witnessing a robust demand and is by far the most technologically advanced bike in the world, and RattanIndia Enterprises seeks to significantly scale up Revolt's growth and make it the largest EV two wheeler company in the country, RattanIndia Enterprises said.
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."
RattanIndia Enterprises did not disclose any financial details of the deal.
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