RattanIndia
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| Public | |
| Traded as | |
| ISIN | 🆔 |
| Industry | Conglomerate |
| Founded 📆 | 1999 |
| Founder 👔 | Rajiv Rattan |
| Headquarters 🏙️ | New Delhi, India |
Area served 🗺️ | |
| Services | |
| Members | |
Number of employees | |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
RattanIndia Group (formerly known as India Bulls Power)[1] is an Indian publicly traded multinational conglomerate. Headquartered in New Delhi, Rattan India is the energy offshoot of Indiabulls.[2][3]
History[edit]
Rajeev Rattan was one of the three partners at Indiabulls that had diverse businesses. In 2014, the three partners namely Sameer Gehlaut, Saurabh Mittal and Rajeev Rattan decided to restructure and split the conglomerate. During the said restructuring, Gehlaut receded from the power and infrastructure business while Rattan and Mittal left the finance and real estate segment. The split also meant that Saurabh and Rajeev won't use the Indiabulls brand name and would rebrand the power and infrastructure business.[4]Rajeev Rattan then bought the entire stake at Indiabulls Infrastructure and power from Saurabh[5] and renamed it as RattanIndia.
Power plants[edit]
- RattanIndia Nashik Thermal Power Station, 1350 MGW[6]In 2018, it was reported that the power plant construction was completed but it wasn't still operational; and that Maharashtra energy department was thinking to take over the plant.[7]
- Rattan India Amrawati Power Plant[8]In 2014, Adani group was rumoured to buy the Amrawati power plant.[9]However, the acquisition didn't take place and Rajiv Rattan mentioned that it was only a rumour.[10]
The company was also in solar power but they later exited the same by selling it to Global Infrastructure Partners (GIP)[11] The exit was referred to as counter intuitive by Business Standard.[12]
Land Acquisition and Water Allocation Controversy[edit]
According to the Punjab State Power Corporation Limited's Punjab Power Generation Policy that was developed in 2010, any developer was required to take nod of the regulatory commission involved. In case of Indiabulls Power for the Mansa Plant (1320 MW), this was Punjab State Electricity Regulatory Commission (PSERC). However, Indiabulls, after signing the MOU didn't file a petition before PSERC to take necessary approvals.[13]Since the lands in question were fertile agricultural lands, the proposed land acquisition for the power plant further contributed to the farmers protest in Punjab and the Punjab government attempted to curb the protests with the help of state machinery.[14]
The upper Wardha dam of Maharashtra was allocated to provide water for Indiabulls plant that led to water shortage for crops. This was protested by farmer body Kisan Ekta Manch.[15]
RattanIndia Finance Controversy[edit]
Lone Star Funds (LSF) 10 Rose Investments had formed a 50-50 joint venture finance company with Rajiv Rattan in 2018 and invested in the company. However later, Lone Star Funds approached the National Company Law Tribunal (NCLT) and reported irregularities and financial mismanagement.[16]
References[edit]
- ↑ Mukul, Jyoti (2014-09-06). "Rajiv Rattan takes control of Indiabulls Power". Business Standard India. Retrieved 2021-10-17.
- ↑ "Rattanindia group invests in EV maker Revolt Intellicorp".
- ↑ Kundu, Rhik (2021-08-10). "RattanIndia to make strategic investment in US-based drone platform Matternet". mint. Retrieved 2021-10-15.
- ↑ Karnik, P. R. Sanjai,Madhura (2014-07-09). "Indiabulls' promoters go separate ways". mint. Retrieved 2021-10-17.
- ↑ "Rajiv Rattan takes full control of Indiabulls Infrastructure and Power". The Economic Times. Retrieved 2021-10-17.
- ↑ Raveendranathan, D. (2016-08-10). Western Ghats and the Bounteous Services Showered on the Planet. Notion Press. ISBN 978-1-945621-73-4. Search this book on
- ↑ "Maharashtra Energy Dept. mulls taking over RattanIndia's Nashik power plant". The Indian Express. 2018-10-14. Retrieved 2021-10-28.
- ↑ Mar 25, TNN / Updated; 2015; Ist, 03:51. "Train to RattanIndia plant soon | Nagpur News - Times of India". The Times of India. Retrieved 2021-10-17.
- ↑ P, Piyush; Jul 30, ey / TNN / Updated; 2014; Ist, 00:40. "Adani eyes Indiabulls' power plant - Times of India". The Times of India. Retrieved 2021-10-28.
- ↑ Thakkar, Mitul. "Indiabulls Power promoter Rajiv Rattan denies speculations about looking to exit power business". The Economic Times. Retrieved 2021-11-02.
- ↑ Jai, Shreya (2020-09-02). "RattanIndia sells entire solar portfolio of 306 Mw to GIP for Rs 1,670 cr". Business Standard India. Retrieved 2021-10-28.
- ↑ Mukul, Jyoti (2020-09-17). "Bucking the trend: Rattan India's solar power plans in sunset mode". Business Standard India. Retrieved 2021-11-02.
- ↑ "State flouts norms by acquiring land for power plant". The Indian Express. 30 August 2011. Retrieved 2021-11-01. Unknown parameter
|url-status=ignored (help) - ↑ Padhi, Ranjana (2012-11-13). Those Who Did Not Die: Impact of the Agrarian Crisis on Women in Punjab. SAGE Publishing India. ISBN 978-81-321-1726-1. Search this book on
- ↑ Balakrishnan, Geeta; Vesvikar, Meghna (2016-05-11). International Conference on Political Economy of Water: A Social Work Response. Cambridge Scholars Publishing. ISBN 978-1-4438-9403-6. Search this book on
- ↑ Vyas, Maulik; Das, Saikat. "Lone Star subsidiary approaches NCLT alleging oppression and mismanagement in RattanIndia Finance". The Economic Times. Retrieved 2021-11-02.
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