Ravindra Energy has approved a Scheme of Amalgamation to merge Energy In Motion, in which it holds a 49.54 per cent stake, with the company. The transaction remains subject to statutory and regulatory approvals and will bring the two businesses under a single entity.

The proposed combination will integrate Ravindra Energy’s renewable energy operations with Energy In Motion’s electric mobility platform for heavy commercial transportation. The merged business will provide electric heavy commercial vehicles, battery-as-a-service solutions, charging and battery-swapping infrastructure, renewable energy supply, and related operations and maintenance services.

Following the merger, J M Baxi Group will become a co-promoter of Ravindra Energy. The company will be renamed Energy In Motion once the scheme takes effect, subject to the required approvals. The merged entity will also hold a 100 per cent stake in EIM Megaplex, a special purpose vehicle that will own and operate battery-swapping stations, charging infrastructure and battery assets.

Under the proposed share exchange ratio, eligible Energy In Motion shareholders other than Ravindra Energy will receive 209 equity shares of Ravindra Energy for every 100 equity shares held in Energy In Motion. Ravindra Energy’s existing stake in Energy In Motion will be cancelled when the scheme becomes effective, and no shares will be issued to the company against that holding.

Ravindra Energy currently has renewable energy projects aggregating approximately 261 MWp across Maharashtra and Karnataka. These include rural feeder solarisation, open-access, captive and rooftop solar projects. Energy In Motion is developing an electric heavy mobility and energy ecosystem for India’s road freight sector and is targeting 40 operational heavy commercial vehicle swapping-cum-charging stations by March 2027.