RattanIndia to buy electric motorcycle maker Revolt (updated)

Rattanindia Enterprises

07/10/2022 06:34

(Adds details on deal, background)
       BENGALURU, Oct 7 (Reuters) - RattanIndia Enterprises Ltd
 RTNI.NS  said on Friday it was buying the stake it did not
already own in electric motorcycle maker Revolt Motors, at a
time when eco-conscious consumers are turning to alternatives to
conventional vehicles.
    RattanIndia, whose shares soared 10% in morning trade, did
not disclose the size of the deal.
    The deal is the latest in the Indian electric vehicle (EV)
space after startups Euler Motors and Yulu received investments
worth several millions of dollars in recent weeks, while local
automobile giants Mahindra & Mahindra  MAHM.NS  and Tata Motors
 TAMO.NS  have also ramped up their EV efforts.
    EV sales are surging across the globe, with consultant
AlixPartners expecting them to reach 33% globally by 2028 from
less than 8% of global sales last year.
    RattanIndia, which already owns a 33.84% stake in Revolt,
said Revolt was the highest selling electric motorcycle in the
country, with bike owners clocking in more than 100 million km
on Indian roads so far.
    Revolt Motors has a manufacturing facility in the northern
Indian state of Haryana and 29 dealership stores across the
country, the world's largest two-wheeler market.
    "We are ready for next growth phase for Revolt Motors," said
Anjali Rattan, business chairperson of RattanIndia.
 (Reporting by Praveen Paramasivam in Bengaluru; Editing by
Savio D'Souza and Subhranshu Sahu)
 ((Praveen.Paramasivam@thomsonreuters.com; https://twitter.com/PraveenR_P
 ; +91 867-525-3569;))