RattanIndia Enterprises-backed Revolt Motors announced its expansion of its retail presence in southern India by opening a new store in Madurai, Tamil Nadu, making it the company's first store in the city and the 17th retail store across the country.
The Tamil Nadu govt. is offering state incentives to EV OEMs ranging from full reimbursement of state GST paid on vehicle sales to exemptions from electricity tax for manufacturing units and a 15-20% subsidy on land cost. There is also a full exemption from motor vehicle taxes for Battery Electric Vehicles (BEVs) until 2022, as well as creation of Electric Vehicles (EV) parks in major auto manufacturing hubs and locations.
As per the company's exchange filing, RattanIndia Enterprises-backed Revolt Motors has plans to expand its sales network and strengthen retail presence further by entering 50+ new cities in India including Chandigarh, Lucknow and NCR by early 2022. Last week, Revolt Motors opened its first retail store in Kolkata, West Bengal.
On a consolidated basis, RattanIndia Enterprises' net loss stood at Rs 4.48 crore in Q2 FY22 as compared to a net profit of Rs 0.05 crore in Q2 FY21. Net sales stood at Rs 0.54 crore in Q2 September 2021.
RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
Shares of RattanIndia Enterprises rose 0.23% to Rs 44.05 on BSE.
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