RattanIndia

RattanIndia, 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.

RattanIndia logo

The company supplies electricity to Maharashtra state and uses coal from South Coalfields Limited and Mahanadi Coalfields Limited.^[1] 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.^[2] The other power plant is in Amravati that was commissioned in 2015.^[3] Amravati power plant was in debt and Goldman Sachs Varde partners took over the Rs 4050 crores against 15 percent equity in 2019.^[4] 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.^[5] Rattan India was the outcome of the split of Indiabulls where the energy component was named as RattanIndia in 2014.^[6] The company is listed on National Stock Exchange and Bombay Stock Exchange.^[7] Brickwork Ratings provided the rating for the Bank Loan Facilities of aggregating to Rs.7617.99 Crs in October 2020.^[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]

References

1. ltd, Research and Markets. "RattanIndia Power Ltd (RTNPOWER) - Financial and Strategic SWOT Analysis Review". www.researchandmarkets.com. Retrieved 10 December 2021.
2. www.ETEnergyworld.com. "De-stressing power and banking sectors advances with international divestment of RattanIndia's Amravati coal plant - Opinion by Vibhuti Garg | ET EnergyWorld". ETEnergyworld.com. Retrieved 10 December 2021.
3. "RattanIndia Power commissions 270 MW unit 4 at Amravati". The Economic Times. Retrieved 10 December 2021.
4. "Table 34: Share of Debt Relief in DAC Members' Total Net ODA in 2004". doi:10.1787/036556625566. Retrieved 10 December 2021. {{cite journal}}: Cite journal requires |journal= (help)
5. Jai, Shreya (2 September 2020). "RattanIndia sells entire solar portfolio of 306 Mw to GIP for Rs 1,670 cr". Business Standard India. Retrieved 10 December 2021.
6. Mukul, Jyoti (6 September 2014). "Rajiv Rattan takes control of Indiabulls Power". Business Standard India. Retrieved 10 December 2021.
7. "RattanIndia Power Ltd. Share Price Today, Stock Price, Live BSE/NSE Prices and News for RattanIndia Power Ltd. | Bloomberg-Quint". www.bloombergquint.com. Retrieved 10 December 2021.
8. "Brickwork Ratings for Rattan India" (PDF).
9. Paramasivam, Praveen (7 October 2022). "RattanIndia to buy 100% stake in electric motorcycle maker Revolt Motors". Business Standard India. Retrieved 7 October 2022.
10. "RattanIndia Enterprises acquires EV maker Revolt Motors". The Economic Times. 14 January 2023.
11. Vyas, Maulik; Das, Saikat. "Lone Star subsidiary approaches NCLT alleging oppression and mismanagement in RattanIndia Finance". The Economic Times. Retrieved 2 November 2021.