Ravindra Energy began as a trading company in 1980, but it has since reinvented itself twice - first into a solar power developer and now into a builder of India’s electric heavy-truck ecosystem - each time using the cash flows and expertise of its previous incarnation to fund the next. The recurring approach is to spot a capital-intensive, policy-backed infrastructure gap, build an integrated platform to serve it, and then sell mature assets to recycle capital for the next venture. Today, the company is a two-engine operation: a large, established solar generation business that produces steady electricity revenue, and a fast-scaling electric mobility associate that is putting battery-swappable heavy trucks onto India’s ports and highways. # Business segments Two engines at different stages - a solar generation and park-development platform that throws off cash, and an electric heavy-truck venture that is building a national charging network - linked by a plan to power the trucks with the solar business’s renewable energy. ## 1. Solar power generation and parks: the cash engine **The company builds, owns and operates solar plants that sell electricity under long-term government contracts, and it also develops and flips entire solar parks to institutional buyers.** - **Policy-backed demand with a captive pipeline** - the business is built around government schemes like PM-KUSUM, which targets feeder-level solarisation of agricultural pumps and still has roughly 94% of its target capacity yet to be installed across India’s top states. The company already holds letters of award for 120 MW and 62 MW under similar state schemes, giving it visibility on future construction. - **A licence to trade electrons** - through its material subsidiary REL Power Trading LLP, the company holds a Category ‘V’ inter-state trading licence, allowing it to buy and sell renewable energy and green certificates (RECs) across India, adding a trading margin layer on top of its generation income. - **Asset-light by design** - the company routinely divests operational solar project subsidiaries to buyers like Hexa Climate Solutions, recycling the proceeds into new development. This means it captures development profits without permanently tying up capital in every panel it installs. ## 2. Electric heavy mobility: the growth engine **Through its associate Energy In Motion Ltd, the company sells battery-swappable 55-tonne electric tractors and builds the charging-and-swapping network that keeps them running - a razor-and-blades model where the vehicle sale is the razor and the energy contract is the blade.** - **Sells the truck, leases the battery** - EIM sells the “Ashwa” e-tractor without a battery pack, cutting the upfront cost for a fleet operator by roughly a third compared to buying a diesel tractor with a built-in battery. The battery is provided separately under a BaaS (Battery-as-a-Service) subscription, which means EIM earns recurring revenue from energy sales and swapping fees over the vehicle’s life. - **Targets captive industrial loops, not open highways** - the tractors are deployed in closed-loop, short-haul operations at ports, cement plants and steel yards, where routes are fixed and daily distances are predictable. As of March 2026, 311 units had been delivered, with ports and shipping accounting for 70% of the fleet, including an anchor relationship with the J M Baxi Group, which already operates roughly 2,000 diesel tractors across its terminals. - **The swapping network is the real infrastructure play** - EIM operates and is installing battery swap stations and chargers along corridors like Mumbai-Nagpur, with a 3 MW station at Jawaharlal Nehru Port already capable of serving over 160 heavy EVs per day. By 27 April 2026, the network had dispensed 2.93 million kWh of energy across thousands of swaps and charging sessions. - **A Chinese platform, assembled in India** - the Ashwa tractor is built under an exclusive six-year knock-down agreement with Beiqi FOTON of China, giving EIM the right to market, assemble and co-brand FOTON’s electric heavy-duty vehicles in India. A manufacturing facility in Talegaon, Pune, with annual capacity of over 5,000 units, is expected to come online in the first half of fiscal 2027, moving the business from imported completely-built units to local assembly. - **Powered by the parent’s solar promise** - the long-term plan is for Ravindra Energy’s solar generation business to supply renewable power directly to EIM’s charging network, which would lower the energy cost of running the tractors and strengthen the green credentials that industrial customers increasingly demand. # Group structure and partners **The group is a web of project-specific subsidiaries and a strategically structured associate, held together by a promoter family that has built and sold large industrial businesses before.** - **Promoter-driven with aligned interests** - the Murkumbi family, through Khandepar Investments and direct holdings, controls roughly 58% of Ravindra Energy, with co-founder Narendra Murkumbi (who previously built Shree Renuka Sugars into a global refiner) also serving as Managing Director of the electric mobility associate EIM. - **A subsidiary for every project** - the solar business is housed in 48 subsidiaries including 19 LLPs and 1 associate, each typically holding a single project or cluster of projects, which makes it easier to sell individual assets to buyers like Hexa Climate Solutions without disrupting the rest of the portfolio. - **The mobility arm is an associate, not a subsidiary** - EIM is 49.54%-owned by Ravindra Energy, with the balance held by Golden Green Innovations, a structure that lets the venture raise its own debt (backed by Ravindra’s corporate guarantees to ICICI, YES Bank and TATA Capital) while keeping its capital needs off the parent’s balance sheet. - **A global OEM tie-up supplies the technology** - the six-year exclusive agreement with FOTON of China gives EIM access to proven electric heavy-truck platforms while it builds its own manufacturing capability in Pune.