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.
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.
