Revised FAME II policy: RattanIndia -Revolt Intellicorp to receive incentive of upto Rs 480 crore for 1 lakh e-bikes per annum

RattanIndia -Revolt Intellicorp (Revolt), a company into electric vehicle (EV) bikes, stated that the company may receive an incentive of Rs 48,000 per bike that Revolt sells, due to the revised Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme.

The company in its filing to the exchange stated the company and its customers will benefit under the new FAME II scheme. The government has increased the incentive for manufacturers from Rs 10,000 per KWh to Rs 15,000 per KW, an increase of 50 per cent.

The company stated, “This would translate into Rs 48,000 incentive per bike that Revolt sells. This could mean FAME II incentives upto Rs 480 crore for current production capacity of 1 lac bikes per annum.”

“This bold policy measure clearly demonstrates the intent of the government to rapidly transform the adoption of electric vehicles” said Rajiv Rattan, Chairman of Revolt and RattanIndia Enterprises welcoming the move.

Rahul Sharma, CEO and MD of Revolt said “We thank the government for this big step towards transforming the EV sector in the country. This will further incentivise both the EV manufactures and customers and will exponentially accelerate the EV adoption in the country”.

The Government of India had recently also come out with the proposed notification to make vehicle registration charges as zero for electric vehicles. The GST on EV two wheelers is already 5% as compared to 28% for petrol based two wheelers. These fresh incentives to the EV manufacturers will further bolster the rapid adoption of EV two wheelers.

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