RattanIndia Enterprises Ltd, formerly RattanIndia Infrastructure Ltd., is an Indian company that is involved in the energy sector.
The traditional focus of the company was on coal on thermal power; however, the company has expanded its scope more recently, focusing more on emerging technologies and e-commerce.
The company supplies electricity to Maharashtra state and uses coal from South Coalfields Limited and Mahanadi Coalfields Limited.[1]
History
Rattan India was the outcome of the split of Indiabulls where the energy component was named as RattanIndia in 2014.[2] The company is listed on National Stock Exchange and Bombay Stock Exchange.[3]Brickwork Ratings provided the rating for the Bank Loan Facilities of aggregating to Rs.7617.99 Crs in October 2020.[4]
RattanIndia has two thermal power plants: the first is the Nashik power plant that was reported stranded in 2020 due to no long-term purchase agreements and conflicts on land acquisition.[5] The other power plant is in Amravati that was commissioned in 2015.[6] Amravati power plant was in debt and Goldman Sachs Varde partners took over the Rs 4050 crores against 15 percent equity in 2019.[7]
The company was also involved in solar energy but that component was sold to GIP for Rs 1067 crore in September 2020 and the company exited the solar business.[8]
Acquisition of Revolt Motors
In October 2022, RattanIndia Enterprises Ltd announced that they would be acquiring the electric motorcycle company Revolt Motors for an undisclosed figure.[9] The takeover was completed in January 2023.[10]
Allegations of irregularity
There have been allegation on irregularities on RattanIndia by Lone Star Funds with which the company had formed a finance company.[11]
