RattanIndia shares surge on refund of FAME subsidy

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RattanIndia Enterprises saw an 8.46 per cent upswing in its share value as its subsidiary, Revolt Intellicorp Pvt Ltd, settled a long-standing financial matter

Revolt’s recent payment of Rs 50.02 crore to the Ministry of Heavy Industries, to settle outstanding dues associated with the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) subsidy has garnered attention across the corporate sector.

This resolution pertains to a period predating RattanIndia Enterprises’ assumption of management control over Revolt in January 2023. RattanIndia Enterprises, the conglomerate, is known for its contributions across sectors, including e-commerce, e-mobility, drones, and fintech.

The shares were up by 8.46 per cent at Rs 57.61 at 12.03 pm on the BSE.