Date: September 23, 2026
Merger Announcement Details
Ravindra Energy Limited (REL) and Energy In Motion Limited (EIM), a company jointly controlled by Ravindra Energy Limited and J M Baxi Group, have approved a Scheme of Merger whereby EIM will be merged with and into REL. REL currently holds a 49.54% stake in EIM.
Strategic Rationale
The proposed merger aims to create an integrated clean energy and electric mobility platform focused on the electrification and decarbonisation of heavy commercial transportation. The combined entity will offer customers an integrated solution spanning:
- Electric heavy commercial vehicles (e-HCVs)
- Subscription-based Battery-as-a-service (BaaS) model
- Network of charging cum battery swapping stations
- Renewable energy supply
- Related operating and maintenance services
Key strategic benefits include:
- Creation of comprehensive customer offering through single integrated platform
- Wider capital and asset base to support capital-intensive investments
- Consolidated ownership and streamlined governance structure
- Operational and resource synergies across the combined organization
- Simplified corporate structure reducing administrative and compliance requirements
Transaction Consideration
Upon the Scheme becoming effective, eligible shareholders of EIM (other than REL) will receive 209 equity shares of REL for every 100 equity shares held in EIM. The equity shares of EIM held by REL will stand cancelled and extinguished, with no equity shares of REL issued in consideration thereof.
Corporate Changes
Pursuant to the merger, J M Baxi Group will become a co-promoter of REL. The name of Ravindra Energy Limited will be changed to 'Energy In Motion Limited' upon the Scheme becoming effective, subject to requisite approvals.
Regulatory Approvals Required
The Scheme is subject to receipt of:
- Observation/no-objection letters from BSE Limited and National Stock Exchange of India Limited under SEBI framework
- Approval of shareholders and creditors of the respective companies
- Sanction of the National Company Law Tribunal (NCLT)
- Other statutory and regulatory approvals as required
Company Background
Ravindra Energy Limited
REL is a listed energy transition company with presence in renewable energy and electric mobility. The company has developed/operates renewable energy projects aggregating approximately 261 MWp across Maharashtra and Karnataka states, including:
- Rural feeder solarisation projects
- Open-access projects
- Captive projects
- Rooftop solar projects
Energy In Motion Limited
EIM is building an integrated electric heavy mobility and energy ecosystem for India's road freight sector, focusing on:
- Electric heavy commercial vehicles
- Battery swapping infrastructure
- Charging and energy solutions
- Operational support systems
EIM is targeting 40 operational heavy commercial vehicles swapping cum charging stations by the end of March 2027.
Post-Merger Structure
The merged entity will hold a 100% stake in EIM Megaplex Limited, the dedicated SPV that will own and operate the Group's battery-swapping stations, charging infrastructure and battery assets.
Forward-Looking Statements Disclaimer
The press release contains forward-looking statements subject to risks and uncertainties including changes in economic conditions, government policies, technological developments, financing availability, and execution risks.