Business Update1 Mar 2024, 07:24 pm
Ravindra Energy Ltd to Venture into Electric Vehicle Manufacturing and Charging Infrastructure
AI Summary
The Board of Directors of Ravindra Energy Ltd has approved a proposal to undertake the business of sourcing/assembling of Heavy Electric Vehicles, including Trucks and Tractors, and setting up of EV charging stations, battery swapping stations, and connected software control systems. The company will make an initial investment of up to Rs. 50 Crores by March 2025 in tranches. The new venture will be an Associate Company with Ravindra Energy Limited holding 40% stake and participation of other Indian and Foreign investors with domain expertise in heavy logistics and electric mobility.,
Key Highlights
- Ravindra Energy Ltd to venture into electric vehicle manufacturing and charging infrastructure
- Initial investment of up to Rs. 50 Crores by March 2025
- New Company to be set up with Ravindra Energy Limited holding 40% stake and participation of other investors
- Shri. Narendra Murkumbi to be the Managing Director of the New Company