Shares of RattanIndia Enterprises soared more than 14% in morning trade on January 16 after the company completed the acquisition of electric vehicle maker Revolt Motors.

“Rattanindia Enterprises Limited has completed the acquisition of 100% equity interest in Revolt Motors, the market leader in electric motorcycles,” the company said in a statement.

Revolt Motors is the country’s best-selling e-bike manufacturer with a manufacturing facility in Manesar, Haryana. The statement said the electric car maker had expanded its presence across the country, with 30 dealerships.

RattanIndia Enterprises says its flagship model, the RV400, is in high demand and the most technologically advanced bike in the world. The company plans to expand Revolt’s growth to become the country’s most significant player in electric two-wheelers.

Electric vehicles only account for about 2% of total car sales. Still, the Government of India has set an ambitious goal to increase EV penetration over the next decade, with a focus on two-wheelers.

Sales in India are expected to grow by 40% to 45% by 2030, when 13 million new vehicles will be sold annually, according to a Bain & Company forecast released in December.

The consultancy said that India’s four-wheel vehicle industry is expected to grow by 15% to 20% by 2030, with one million new vehicles sold annually.

At 11:16 am, Rattanindia Enterprises was quoted at Rs 48.25 on the BSE, up Rs 5.70 or 13.40%. It touched an intraday high of Rs 50 and an intraday low of Rs 44.