Ravindra Energy associate company Energy In Motion Limited (EIM) has signed a strategic memorandum of understanding with Oil Field Warehouse & Services Limited (OWS) and Radiance Green Mobility Private Limited. The partnership aims to deploy 500 electric heavy commercial vehicles across high-density freight corridors in India.

The collaboration targets key logistics routes including Mumbai–Pune, Mundra–Morbi–Ahmedabad, and Mumbai–Delhi. Initial deployment will commence with 50 vehicles on the Mumbai-Pune corridor in October 2026. The rollout will scale as EIM completes its battery swapping network on these routes.

Strategic Partnership Details

EIM will provide its integrated electric mobility ecosystem, which includes electric heavy vehicles, battery swapping, charging infrastructure, and energy management solutions. OWS and Radiance Green Mobility will contribute their expertise in commercial fleet deployment and operations.

The partnership leverages EIM’s flagship Ashwa 55-ton electric tractor, designed for high-utilization freight operations. EIM has also homologated a 350-kWh battery version of the Ashwa electric tractor to support rapid turnaround times through its battery-swapping ecosystem.

Executive Commentary

Narendra Murkumbi, Managing Director of EIM, stated that the partnership would enable heavy electric freight movement at costs significantly below diesel transport costs. He highlighted benefits including sustainability and reduced dependence on imported oil.

Pankaj Surani, Managing Director of OWS, described the move as a step toward developing dedicated electrified freight corridors that are efficient, cost-competitive, and sustainable. Vineet Sharma, Director and CFO of OWS, noted that trial data indicated electrification was viable and would provide a more predictable cost structure less susceptible to global disruptions.

Vitthal Wable, Director of Radiance Green Mobility, expressed excitement about extending the Heavy Commercial EV partnership beyond port ecosystems to India’s key freight corridors, building on the ICE fleet expertise of parent company Jyothi Transport & Freight Services.

Ravindra Energy has provided a corporate guarantee of up to ₹41 crore to its associate entity, Energy In Motion Limited (EIM). The move secures lease payment obligations for electric truck batteries supplied by Muon India Private Limited (MIPL).

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on August 26, 2026.

Transaction Details

Muon India Private Limited has agreed to provide electric truck batteries to EIM on an operating lease basis for a period of 78 months. The aggregate lease value is capped at ₹41 crore, excluding applicable GST.

Ravindra Energy extended the guarantee to secure EIM’s payment obligations under this facility. The transaction is considered to be at arm’s length, despite promoter overlap.

Key Terms

Promoter Interest and Governance

Energy In Motion Limited is an associate entity in which Ravindra Energy holds a 49.54% equity stake. Mr. Narendra Murkumbi, a promoter of Ravindra Energy, serves as a common director in both entities, classifying him as an interested director for this transaction.

The company stated that the guarantee is in the overall interest of Ravindra Energy as it facilitates business expansion for EIM. EIM operates as a separate legal entity with its own assets and financial resources.

Financial Position of Associate

As per the disclosure, EIM has a paid-up equity share capital of ₹109.62 crore and a net worth of ₹361.22 crore.

Ravindra Energy noted that since the corporate guarantee is a non-fund-based contingent liability, it has no immediate financial impact on the listed company’s balance sheet.