Shares of RattanIndia Enterprises hit 5 per cent upper circuit at Rs 10.15 on the BSE in intra-day session on Thursday after the company announced that it is venturing into electric vehicle (EV) space by acquiring a substantial strategic stake in EV two-wheeler maker Revolt Intellicorp.
As part of the deal, RattanIndia Enterprises will have 50 per cent board presence in Revolt Intellicorp and Rajiv Rattan will be chairman of the board of Revolt. The deal has been priced at Rs 150 crore. Revolt Intellicorp is a next-gen mobility company, promoted by Rahul Sharma, co-founder of Micromax.
The deal is RattanIndia Enterprises’ first investment in new-age manufacturing business. “The company is fully focused on pursuing businesses which will leave a huge positive impact on Indian society at large by deploying technology and will continue to invest money in such new-age businesses,” RattanIndia Enterprises said in a press note.
Commenting on the deal, Rajiv Rattan, founder and chairman of RattanIndia Group, said, “We are very excited to join hands with Revolt Intellicorp and be a part of the electric mobility shift which is undoubtedly poised to be at the forefront of India’s next green revolution. We have built big businesses in the past and are committed to ensuring a roaring success for this business as well. We firmly believe that speed of adoption of EVs in the country will be beyond anybody’s imagination.”
The EV maker will be deploying fresh capital to expand the distributor and service network a pan India across 35 cities. In addition to this, the company will be leveraging Al, to upscale and provide a 100 per cent in-house developed, world-class contactless experience for its customers, it said.
At 10.07 am, the scrip was up 4.96 per cent at Rs 10.15 as against a rise of 0.49 per cent in the S&P BSE Sensex.
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