RattanIndia

RattanIndia is the operating name associated with RattanIndia Enterprises Ltd, an Indian company that developed from the energy business separated from Indiabulls in 2014. Its traditional business was centered on infrastructure and electricity generation, particularly coal-fired thermal power. The company has supplied electricity to Maharashtra and has relied on coal sourced from Coal India subsidiaries including South Eastern Coalfields Limited and Mahanadi Coalfields Limited. RattanIndia’s power portfolio has included two thermal power projects. The Amravati project in Maharashtra was commissioned in 2015. It later faced substantial debt obligations, and in 2019 Goldman Sachs and Varde Partners took control of the associated debt exposure, reported at approximately ₹4,050 crore, in exchange for a 15 percent equity interest. The company’s Nashik thermal power project was reported as stranded in 2020. Its difficulties included the absence of long-term power-purchase agreements and disputes connected with land acquisition. These conditions illustrated the commercial and regulatory pressures affecting Indian thermal-power developers, including financing constraints, fuel procurement, offtake certainty and project execution. RattanIndia also entered solar energy before selling that business to Global Infrastructure Partners in September 2020 for a reported ₹1,067 crore. The divestment marked the company’s exit from solar and reduced the direct scope of its renewable-generation activities. A bank-loan-facility rating covering approximately ₹7,617.99 crore was reported by Brickwork Ratings in October 2020, providing a snapshot of the scale of financial obligations associated with the company’s infrastructure businesses at that time. Following the restructuring of its portfolio, RattanIndia broadened its stated scope beyond conventional energy. The company moved toward emerging technologies and e-commerce, while retaining its identity as an Indian listed enterprise with roots in power infrastructure. Its most prominent technology-sector transaction was the acquisition of electric-motorcycle maker Revolt Motors. RattanIndia Enterprises announced the deal in October 2022, and the takeover was completed in January 2023. This transaction connected the company with electric mobility and consumer technology rather than only with electricity generation. RattanIndia’s present profile is therefore diversified rather than that of a narrowly focused utility. Its history combines thermal-power development, project-finance challenges, renewable-asset divestment and expansion into electric vehicles and other emerging businesses. The company remains associated with India’s energy sector, while the Revolt Motors transaction reflects an effort to participate in newer technology-led markets.

RattanIndia emerged in 2014 from the separation of the energy component of Indiabulls. The business retained a strong connection with Indian infrastructure and electricity generation, with coal-fired thermal power forming its traditional center of gravity. It became associated with electricity supply to Maharashtra and with coal procurement from Coal India subsidiaries, including South Eastern Coalfields Limited and Mahanadi Coalfields Limited. RattanIndia Enterprises is listed on India’s National Stock Exchange and Bombay Stock Exchange. The company developed two thermal power projects. The Amravati power plant in Maharashtra was commissioned in 2015. Its later financial position became highly leveraged, and in 2019 Goldman Sachs and Varde Partners took over approximately ₹4,050 crore of debt exposure in return for a 15 percent equity interest. The second major project, at Nashik, encountered serious commercial and execution problems. By 2020 it was described as stranded because it lacked long-term power-purchase agreements and faced conflicts related to land acquisition. The difficulties reflected the broader risks of Indian power development, where plants can be completed or partly developed without assured offtake, while fuel, land, debt and regulatory conditions continue to affect viability. RattanIndia also operated in solar energy for a period. In September 2020 it sold that business to Global Infrastructure Partners for a reported ₹1,067 crore and exited solar. Around the same period, Brickwork Ratings provided a rating for bank-loan facilities aggregating approximately ₹7,617.99 crore, indicating the scale of the financing associated with the company’s infrastructure operations. These developments marked a period of portfolio adjustment, debt pressure and reduced exposure to renewable generation. The company subsequently broadened its ambitions beyond conventional power. Its stated activities expanded toward emerging technologies and e-commerce. The most clearly documented move in this direction was its entry into electric mobility through Revolt Motors, an electric-motorcycle company. RattanIndia Enterprises announced the intended acquisition in October 2022, and the takeover was completed in January 2023. The deal gave RattanIndia an operating presence in a consumer-facing technology segment and aligned its portfolio with the growth of electric transportation in India. RattanIndia’s history is consequently defined by a transition from a conventional energy and thermal-power platform toward diversification. The company’s record includes power-plant development, project-finance restructuring, a solar-business disposal and entry into electric motorcycles. Reports also mention allegations of irregularity by Lone Star Funds concerning RattanIndia’s relationship with a finance company; the available reference does not provide enough information to determine the allegations’ factual or legal outcome. The company’s current identity is best understood as that of a diversified Indian enterprise with origins in power infrastructure and newer interests in electric mobility, technology and e-commerce.

• 2023

  Revolt Motors acquisition completed

  [1]RattanIndiaen.wikipedia.org

  The takeover of Revolt Motors was completed in January.

• 2022

  Revolt Motors acquisition announced

  [1]RattanIndiaen.wikipedia.org

  RattanIndia Enterprises announced an agreement to acquire electric-motorcycle company Revolt Motors.

• 2020

  Solar business sold

  [1]RattanIndiaen.wikipedia.org

  RattanIndia sold its solar-energy business to Global Infrastructure Partners and exited the solar business.

• 2019

  Debt exposure transferred to Goldman Sachs and Varde Partners

  [1]RattanIndiaen.wikipedia.org

  Goldman Sachs and Varde Partners took over reported debt of approximately ₹4,050 crore in exchange for a 15 percent equity interest.

• 2015

  Amravati thermal power plant commissioned

  [1]RattanIndiaen.wikipedia.org

  The Amravati thermal power project was commissioned in Maharashtra.

• 2014

  Energy business separated from Indiabulls

  [1]RattanIndiaen.wikipedia.org

  RattanIndia emerged from the separation of Indiabulls’ energy component and adopted its RattanIndia identity.

An Indian listed enterprise transitioning from a conventional power-infrastructure base toward a broader portfolio that includes electric mobility, emerging technologies and e-commerce.

• Electricity generation

  Thermal power generation

  Thermal power was the company’s traditional core activity. RattanIndia has been associated with coal-fired power projects in Maharashtra, including the Amravati and Nashik plants. The business involved coal procurement, plant operations and electricity supply, but the Nashik project faced stranded-asset conditions because of insufficient long-term offtake arrangements and land-acquisition disputes.

• Thermal power plant · 2015

  Amravati power plant

  The Amravati project is a coal-fired thermal power plant in Maharashtra that was commissioned in 2015. It became a significant part of RattanIndia’s power portfolio, although the project later carried substantial debt exposure that was addressed through a transaction involving Goldman Sachs and Varde Partners.

• Electric mobility · 2023

  Revolt Motors electric motorcycles

  Revolt Motors develops electric motorcycles for the Indian market. RattanIndia entered this segment through its announced acquisition of Revolt Motors in 2022, completed in January 2023. The transaction broadened RattanIndia’s portfolio from infrastructure and energy into consumer-oriented electric mobility.

• Allegations of irregularity involving a finance-company relationship

  Lone Star Funds reportedly alleged irregularities involving RattanIndia and a finance company with which it had formed a relationship. The available reference does not provide sufficient information about the precise allegations, any investigation or their resolution.

  Source

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• 2022

  Acquisition of Revolt Motors announcedM&A

  Background

  RattanIndia was broadening its business beyond conventional energy and infrastructure toward emerging technologies and electric mobility.

  Action taken

  RattanIndia Enterprises announced that it would acquire electric-motorcycle company Revolt Motors.

  Aftermath

  The acquisition was completed in January 2023, giving RattanIndia a direct position in electric motorcycles.

  Source

• 2020

  Sale of solar-energy business to Global Infrastructure PartnersM&A

  Background

  RattanIndia was adjusting its portfolio amid financial and operational pressures associated with its infrastructure businesses.

  Action taken

  The company sold its solar business to Global Infrastructure Partners and exited solar energy.

  Aftermath

  The transaction reduced RattanIndia’s direct renewable-generation exposure and generated a reported consideration of approximately ₹1,067 crore.

  Reported transaction value. Approximately ₹1,067 crore (September 2020)

  Source

• 2019

  Debt restructuring involving Amravati projectStrategy

  Background

  The Amravati power project carried substantial debt obligations.

  Action taken

  Goldman Sachs and Varde Partners took over reported debt exposure of approximately ₹4,050 crore in exchange for a 15 percent equity interest.

  Aftermath

  The transaction altered the financing and ownership position associated with the project.

  Debt exposure and equity interest. Approximately ₹4,050 crore of reported debt → 15 percent equity interest held by Goldman Sachs and Varde Partners (2019)

  Source

1. 1RattanIndiaen.wikipedia.org