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This article is more than 1 month old.

Jubilant FoodWorks says RattanIndia statement on EV deal with Domino's issued without consent

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Jubilant FoodWorks says the claims made by RattanIndia Enterprises for its Revolt electric vehicles does not convey the complete factual arrangement between both companies.

Jubilant FoodWorks says RattanIndia statement on EV deal with Domino's issued without consent
Days after electric utility company RattanIndia Enterprises issued a press release claiming a partnership with Jubilant FoodWorks to electrify the food major’s delivery fleet, the food services firm has called out the company saying the press release was made without its consent.
RattanIndia, in a press release dated July 22 announced that Domino's has joined hands with Revolt Motors and will procure the entire existing inventory of Revolt’s RV300 bike mode. It said Domino’s will progressively procure the customised Revolt model to transform its delivery fleet.
However, in a disclosure to the stock exchanges on Monday, Jubilant, which runs Domino’s and Dunkin Donuts clarified that the press release issued by RattanIndia does not convey the complete factual arrangement between both companies.
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Jubilant said it is expanding the use of electric vehicles (EVs) within its delivery ecosystem to further reduce the carbon footprint arising from vehicular emissions, but that Revolt is only one of the multiple business partners it works with and its current share of business on electric vehicles is less than 10 percent.
RattanIndia’s statement stated that Domino's had been piloting Revolt bikes for its deliveries "for quite some time now and with a successful pilot has now partnered with Revolt to make its deliveries environmentally sustainable."
As per Jubilant, its arrangement with Revolt Intellicorp Private Limited (Revolt) is that of a supply agreement for procuring electric vehicles. Revolt Intellicorp is an electric two-wheeler startup founded by Rahul Sharma, the co-founder of Micromax and has two electric bikes - RV400 and RV300 in its portfolio.
RattanIndia invested Rs 150 crore in the startup in April 2021 for a 43 percent stake in Revolt with founder and chairman Rajiv Rattan taking over as the non-executive chairman of Revolt.
RattanIndia and Revolt's push towards EVs comes amid a push towards electric vehicles in India, and at a time when there has been a slew of incentives announced by the Union government and EV policies announced by various state governments.