The Board of Directors of the Company at its meeting held on Friday, March 1, 2024 inter alia considered and approved the proposal to undertake the business of sourcing/assembling of Heavy Electric Vehicles including Trucks and Tractors, their battery packs and setting up of EV charging stations, battery swapping stations and connected software control systems. The Company will make an initial investment up to Rs. 50 Crores by March 2025 in tranches. As part of this undertaking, the Board has also approved incorporating a New Company (Associate Company) in which Ravindra Energy Limited will hold 40% stake and will have participation of other Indian and Foreign investors with domain expertise in heavy logistics and electric mobility. The New Company would be headed by Shri. Narendra Murkumbi as Managing Director.