Ravindra Energy Ltd, an energy transition company operating in renewable energy and electric mobility, has executed a loan agreement with Tata Capital Ltd for a rupee term loan facility of up to ₹100 crore.
The facility carries a floating interest rate of 12.75% per annum, payable monthly. The funds will be infused as unsecured loans into Energy In Motion Ltd (EIM), a jointly controlled company of Ravindra Energy, or its subsidiaries.
Funds to support electric commercial vehicles
EIM operates an integrated electric mobility platform focused on heavy commercial vehicles. Its business includes supplying electric trucks and providing battery-as-a-service solutions through charging and battery-swapping infrastructure.
The proposed funding is expected to support EIM’s business and its subsidiaries as they expand their operations.
Lender gets default-related rights
Under the agreement, Tata Capital will have the right to appoint a nominee director to Ravindra Energy’s Board if an event of default occurs and continues.
The company said the transaction involves availing a term loan and does not fall within the ambit of related-party transactions.
Renewable energy remains core business
Ravindra Energy also develops distributed solar power projects and supplies electricity to government distribution companies and commercial and industrial customers through open-access and rooftop projects. Its electric mobility business complements its renewable energy operations.