Ravindra Energy Limited to enter into Electric Mobility business

The Board of Directors of Ravindra Energy Limited at its meeting held on Friday, March 1, 2024 has considered and approved the proposal to undertake the business of sourcing/assembling of Heavy Electric Vehicles including Trucks and Tractors, their battery packs and setting up of EV charging stations, battery swapping stations and connected software control systems.

The Company will make an initial investment up to Rs. 50 Crores by March 2025 in tranches. As part of this undertaking, the Board has also approved incorporating a New Company (Associate Company) in which Ravindra Energy Limited will hold 40% stake and will have participation of other Indian and Foreign investors with domain expertise in heavy logistics and electric mobility. The New Company would be headed by Shri. Narendra Murkumbi as Managing Director.

Shares of Ravindra Energy Ltd was last trading in BSE at Rs. 87.75 as compared to the previous close of Rs. 87.80. The total number of shares traded during the day was 234729 in over 493 trades.

The stock hit an intraday high of Rs. 92.15 and intraday low of 83.45. The net turnover during the day was Rs. 19980262.00.

Source : Equity Bulls

Keywords

RavindraEnergy INE206N01018 ElectricMobility