RattanIndia Enterprises’ Revolt Motors Secures EV Subsidy Approval

On July 30, 2024, RattanIndia Enterprises Limited announced that its electric mobility arm, Revolt Motors, has received official approval from the Ministry of Heavy Industries to qualify for the Government of India’s Electric Vehicle (EV) subsidy schemes.

This development marks a significant milestone for Revolt Motors as it resolves all previous issues related to the FAME-II subsidy regime. The company had proactively repaid past subsidies under the FAME-II scheme, demonstrating its commitment to regulatory compliance and responsible corporate practices.

The approval makes Revolt Motors eligible for the ongoing Electric Mobility Promotion Scheme (EMPS) 2024, which the Government of India has extended until September 30, 2024. Under this scheme, Revolt Motors will receive a subsidy of ₹10,000 per motorcycle, which will significantly enhance the competitiveness of its electric motorcycles in the market. This financial support is expected to boost both sales and profitability for Revolt Motors, positioning the company favourably in the rapidly growing EV sector.

Furthermore, the approval positions Revolt Motors to benefit from the upcoming FAME III subsidy scheme, which is anticipated to follow the EMPS. By joining a select group of manufacturers eligible for these subsidies, Revolt Motors reinforces its role in advancing the nation’s transition to greener and more energy-efficient transportation solutions. The company’s proactive steps and the recent approval underscore its commitment to driving sustainable mobility and contributing to the Government of India’s environmental goals.

Commenting on this development, the Co-Chairperson of RattanIndia Enterprises Ltd, Ms Anjali Rattan, said, “We are thrilled and honoured to have received this approval from the Ministry of Heavy Industries. This endorsement is a testament to our relentless efforts towards the Make in India program with its 100% made-in-India electric motorcycles. Revolt Motors has an unwavering commitment to provide environmentally-friendly transportation solutions accessible to all Indians.”

About RattanIndia Enterprises Ltd

RattanIndia Enterprises Limited is the flagship company of Rattanindia Group. It comprises tech-focused new-age businesses, such as electric vehicles, drones and e-commerce.

On July 30, 2024, the share price of RattanIndia Enterprises Ltd opened at ₹77.95, touching the day’s high at ₹82.35, as of 11:08 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.