New Delhi-based RattanIndia Enterprises (formerly RattanIndia Infrastructure Limited) said that it has acquired 100% of RattanIndia Investment Manager Private Limited for INR 25,000 to make it a fully-owned subsidiary.
The acquisition comes under the ambit of related party transactions.
Incorporated in 2009, RattanIndia Investment Manager will carry out the business of investment management in India.
Recently, RattanIndia Investment Manager modified the objects clause of its memorandum of association (MOA) to incorporate the objects enabling it to undertake the investment management business, as against the earlier business carried on by it in terms of, the objects pertaining thereto as contained in the MOA, which will now be deleted.
In April 2021, RattanIndia Enterprises forayed into the electric vehicle business by acquiring a stake of 43% in Revolt Intellicorp (Revolt Motors), an AI-enabled EV bike manufacturer, for nearly $20 million.
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