Rattanindia Enterprises, which had closed yesterday at Rs.9.67, today morning opened at Rs.10.15, its 5% UC where it now remains frozen. Its 52-week high is at Rs.11.47.
This company was earlier named as Indiabulls Infrastructure and Power and it is in the news today as it announced its entry into the Electric Vehicle (EV) sector by acquiring a substantial strategic stake in EV two-wheeler maker Revolt Intellicorp.
Revolt Intellicorp is a next-gen mobility company, created for the smart world, promoted by Rahul Sharma, co-founder of Micromax. As part of the deal, RattanIndia Enterprises will have 50% board presence in Revolt Intellicorp and Rajiv Rattan will be chairman of the board of Revolt.
Revolt has received Rs.150 crore via equity investment through this deal, which it plans to use to expand presence across key 35 metro cities.
This is RattanIndia Enterprises first investment in an Indian start-up focused on smart, clean and eco-friendly transportation.
Rattanindia operates as an energy company, developing thermal electricity generating plants.