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]
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]
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]
There have been allegation on irregularities on RattanIndia by Lone Star Funds with which the company had formed a finance company. [11]
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