RattanIndia to buy 100% stake in electric motorcycle maker Revolt Motors
RattanIndia Enterprises Ltd 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 and Tata Motors 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.
