BENGALURU: 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 start-ups Euler Motors and Yulu got 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.
RattanIndia, which already owns a 33.84% stake in Revolt, said Revolt was the highest selling e-motorcycle in the country, with bike owners clocking in over 100 mn km on roads so far.
Revolt Motors has a manufacturing facility in Haryana and 29 dealership stores across the country.