Ravindra Energy Limited (REL) has unveiled ambitious plans for growth in both its renewable energy and electric vehicle (EV) businesses, as detailed in an investor presentation submitted to stock exchanges ahead of an analyst meeting scheduled for September 22.

Renewable Energy Expansion

REL's renewable energy division is making significant strides towards its goal of achieving a 1 GW operating portfolio by March 2028. The company currently boasts:

• 158 MWp of operational capacity
• 87 MWp under construction
• 258 MWp under development

The company's focus on distributed solar projects has led to the commissioning of 200 MWp of solar projects across over 50 locations. REL has also demonstrated its execution capabilities by developing and selling renewable energy parks with a combined capacity of 700 MWp to large private equity funds.

Financial Projections

REL has provided financial projections for its renewable energy business:

The company expects its operating capacity to grow from 64.3 MWp at the start of FY26 to 502 MWp by the end of FY27.

Electric Vehicle Business

Through its subsidiary EIM (49.5% owned by REL), the company is making inroads into the electric vehicle sector, focusing on heavy-duty electric tractors. Key developments include:

• Completion of homologation for 55-ton EV tractors
• Sale of 125 e-tractors
• Plans to establish an EV assembly plant in Pune with a first-phase investment of Rs 100 crore

EIM has secured an exclusive 6-year agreement with China-based FOTON for electric commercial vehicles, allowing for marketing, assembly, and distribution in India.

Battery Technology and Infrastructure

The company is developing expertise in battery design and lifecycle management, using battery packs from CATL, a world-leading producer. EIM plans to indigenize battery pack production by 2026 and is working on tropicalization of heavy-duty battery packs.

EIM is also focusing on battery swapping technology, which offers advantages such as reduced swapping time (less than 8 minutes) and more efficient use of space compared to traditional charging methods.

Future Outlook

For FY27, EIM projects sales of 1,000 to 1,500 e-tractors and the deployment of 20 to 30 swap stations. The company expects to maintain a gross margin of 3-5% on tractor sales and an EBITDA margin of 50-70% on its Battery as a Service (BaaS) offering.

As Ravindra Energy Limited continues to expand its renewable energy portfolio and venture into the electric vehicle market, the company is positioning itself as a significant player in India's clean energy and sustainable transportation sectors. The upcoming analyst meeting on September 22 is expected to provide further insights into the company's strategic direction and growth prospects.

Ravindra Energy Limited 's associate company, Energy In Motion Private Limited (EIM), is poised to make a significant move in the electric vehicle sector. The company is planning to enter into a partnership with the Maharashtra state government for electric truck manufacturing, signaling a major push towards sustainable transportation solutions.

Proposed Investment and Venture Details

EIM is set to sign a non-binding Memorandum of Understanding (MoU) with the Government of Maharashtra to explore the establishment of an electric truck and battery assembly plant, along with a battery R&D centre in Pune. The proposed investment for this ambitious venture is approximately ₹1,000.00 crore, to be implemented across multiple phases.

Scope of the Project

The planned facility is expected to encompass:

1. Electric truck manufacturing
2. Battery assembly operations
3. A dedicated battery R&D centre

This comprehensive approach suggests EIM's commitment to not only production but also to advancing battery technology for electric vehicles.

Strategic Location

The choice of Pune as the potential site for this venture is strategic. Pune, known for its robust automotive ecosystem and skilled workforce, could provide EIM with the necessary infrastructure and talent pool to support this ambitious project.

Corporate Developments

In a recent board meeting, Ravindra Energy Limited also approved several significant corporate actions:

1. Fund Raising: The board has approved raising up to ₹500.00 crore through various means, including equity shares and convertible securities, subject to shareholder approval.

2. Capital Restructuring: The company plans to reclassify and increase its authorized share capital, pending shareholder approval.

3. Preferential Issue Extension: The board approved a six-month extension for utilizing outstanding preferential issue funds.

Implications for the EV Industry

This move by Ravindra Energy's EIM aligns with the growing trend of established companies entering the electric vehicle market in India. The substantial investment proposed for this venture underscores the company's confidence in the future of electric mobility, particularly in the commercial vehicle segment.

The establishment of a battery R&D centre alongside the manufacturing facility also indicates EIM's intent to contribute to technological advancements in the EV battery space, a critical component for the growth of the electric vehicle industry in India.

As the electric vehicle market in India continues to evolve, partnerships between private companies and state governments, such as this proposed venture between EIM and Maharashtra, are likely to play a crucial role in building the necessary infrastructure and ecosystem for sustainable transportation solutions.

Investors and industry observers will be keenly watching the developments of this proposed partnership, as it could potentially position Ravindra Energy and EIM as significant players in India's emerging electric commercial vehicle market.