On October 7, Shares of RattanIndia Enterprises Limited jumped 10% intraday after the company announced its 100% acquisition stake in the electric motorcycle maker Revolt Motors. Earlier, the company acquired 33.84% of the shares as an alternative to increasing the shareholding. At 11:55 am, the stock traded at Rs 54.50 a share on the BSE was up 9.44%, whereas the benchmark Sensex was down 245.8 points or 0.42% at 57,976.30.

“Currently, Revolt is the best EV bike in the world. It is world-class in all phases, including its technology, cost, build quality, and performance. With this 100% acquisition shareholding in Revolt Motors, we are doubling on our confidence that the EV revolution in the country is coming faster than we expect,” said Anjali Rattan, RattanIndia Enterprises Chairperson.

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To grant truthful subsidies to EV manufacturers, the Indian government has formed the Faster Adoption and Manufacturing of Electric Vehicles in India II (FAME II) scheme with an investment of Rs 10,000 crore. Moreover, state governments also have programs and incentives to haste up EV adoption in their influences.