RattanIndia Zooms 15% on Acquiring Electric Bike Market Leader, Highest-Seller
By Malvika Gurung
Investing.com — Shares of the energy sector company and the flagship company of Rattanindia (NS:) Group, RattanIndia Enterprises (NS:) closed 14.92% higher at Rs 48.9 apiece on Monday, Jan 16 despite weakness in the broader market as benchmarks and ended up to 0.35% lower. It was the top gainer on the broadest market index .
The mid-cap stock rallied after the company announced on Saturday that it completed the acquisition of 100% shareholding in Revolt Motors, making it a wholly owned subsidiary of RattanIndia Enterprises.
Revolt Motors is the market leader in the electric motorcycles segment and is the highest-selling electric bike in India, with its flagship model RV400 witnessing a robust demand and is by far the most technologically advanced bike in the world.
With the complete acquisition of Revolt Motors, RattanIndia seeks to significantly scale up Revolt’s growth and make it the largest EV two-wheeler company in the country, the company said in a press release.
With an aim to create a future of AI enabled next-gen green mobility, Revolt bikes run on 3.24kWh lithium ion batteries with 0% fuel residue. The Revolt EVs are eco-friendly, green & clean and these lithium-ion batteries not only reduce emissions, but also enable an uncompromised performance with top speeds of 85 km/hr.
The batteries with a single charge of 4 hours have a range of 150 km, stated Anjali Rattan, the business Chairperson of RattanIndia Enterprises.