Energy In Motion Ltd. (EIM), an electric heavy-truck and battery-swapping company backed by the Murkumbi and J M Baxi groups, will inaugurate its manufacturing facilities at Talegaon, near Pune, on October 14, advancing a ₹1,000 crore investment plan in that forms part of a broader ₹4,000 crore bet on accelerating the transition from diesel-powered freight transportation to electric mobility.
The company, which combines electric truck manufacturing with battery subscriptions, charging infrastructure and renewable , is preparing to merge with listed Ravindra Energy. The proposed merger will bring these businesses under a single listed entity as EIM seeks to make electric freight transportation commercially competitive with diesel.
The Talegaon vehicle manufacturing facility has an annual production capacity of 5,000 heavy commercial vehicles per shift, while the adjacent lithium-ion battery assembly plant can produce up to 2.4 GWh of batteries annually, according to Ravindra Energy’s investor presentation dated September 29.
An independently operated battery testing laboratory run by Automotive Test Systems LLC will conduct safety and performance validation before agencies such as the Automotive Research Association of India (ARAI) formally certify the batteries.
Cutting Electric Freight Costs
At the core of EIM’s strategy is its Maitryi battery subscription model, which separates truck ownership from battery ownership.
Under the model, fleet operators can purchase trucks without the battery pack, reducing upfront acquisition costs by up to 40 per cent. EIM, in turn, generates recurring revenue through battery subscriptions, electricity sales and battery-swapping services.
The company has an exclusive multi-year technology licensing agreement with China’s Beiqi Foton and sources battery cells and kits from CATL.
Its 55-tonne Ashwa electric tractor is available with swappable 282 kWh and 350 kWh battery configurations, with battery replacement taking less than seven minutes.
By September, EIM had sold more than 500 electric tractors and is targeting deployments across ports, container freight stations, and the cement, steel and power sectors.
₹4,000 crore expansion plan
EIM currently operates eight battery-swapping stations and plans to expand the network to 40 stations by March 2027, covering roughly 5,000 km of highways and major ports. Its longer-term goal is to establish 160 megawatt-scale charging and swapping stations by FY30.
Funding will be critical to this expansion. With shareholder funds exceeding ₹500 crore, including more than ₹400 crore in equity, EIM estimates it will need an additional ₹800-1,000 crore in equity over the next three years.
The company plans to monetise its existing solar assets over the next 18-24 months, while subsidiary EIM Megaplex will manage batteries and charging infrastructure, enabling project-level financing.
Merger to Support Growth
Under the proposed all-share merger approved by Ravindra Energy’s board on September 23, eligible EIM shareholders will receive 209 Ravindra Energy shares for every 100 EIM shares held. Ravindra Energy’s existing 49.54 per cent stake in EIM will be extinguished upon completion of the transaction.
Combined promoter ownership is expected to increase from 58.26 per cent to 74.54 per cent, with the Murkumbi Group and J M Baxi Group becoming joint promoters.
Subject to regulatory and shareholder approvals, the merged company will be renamed Energy In Motion. The transaction could extend into FY28.
The key commercial challenge will be whether EIM can deploy electric trucks at scale and generate sufficient battery-swapping revenue to recover its infrastructure investments while maintaining a cost advantage against conventional diesel freight operations.