Ravindra Energy Announces Merger with Energy In Motion

Ravindra Energy Ltd. (REL) has approved a Scheme of Amalgamation to merge Energy In Motion Ltd. (EIM), in which it holds a 49.54 percent stake, with the company, subject to statutory and regulatory approvals.

The proposed merger will combine REL’s renewable energy business with EIM’s electric mobility platform focused on heavy commercial transportation. The combined entity will offer electric heavy commercial vehicles, battery-as-a-service solutions, charging and battery-swapping infrastructure, renewable energy supply, and related operations and maintenance services.

Following the merger, J M Baxi Group will become a co-promoter of REL. The company will also be renamed Energy In Motion Ltd. once the scheme becomes effective, subject to the required approvals.

The merged entity will hold a 100 percent stake in EIM Megaplex Ltd. the special purpose vehicle that will own and operate battery-swapping stations, charging infrastructure and battery assets.

Under the proposed share exchange ratio, eligible EIM shareholders other than REL will receive 209 equity shares of REL for every 100 equity shares held in EIM. REL’s existing stake in EIM will be cancelled upon the scheme becoming effective, with no shares issued to REL against it.

REL currently has renewable energy projects aggregating approximately 261 MWp across Maharashtra and Karnataka, including rural feeder solarisation, open-access, captive and rooftop solar projects.

EIM is developing an electric heavy mobility and energy ecosystem for India’s road freight sector, covering electric heavy commercial vehicles, battery swapping, charging and energy solutions. The company is targeting 40 operational heavy commercial vehicle swapping-cum-charging stations by March 2027.