Mahindra & Mahindra Ltd announced the attainment of a majority stake in Bangalore-based REVA Electric Car Co Ltd. Following this, REVA Electric Car Co Ltd. will be renamed Mahindra REVA Electric Vehicle Co Ltd.Under an agreement signed by both the companies, M&M will own 55.2 per cent equity in the renamed Mahindra REVA by a grouping of equity purchase from the promoters and a fresh equity infusion of over Rs 45 crore (approximately $10 million) into the company. The buy-out constructs the Mahindra group a strong global player in the electric vehicle space, says a release.
Mr Chetan Maini will persist to play a leading role in Mahindra REVA as Chief of Technology and Strategy, the release adds.
Mahindra REVA will at present have access to Mahindra’s vehicle development technology and distribution network, considerably enhancing its ability to commence a state-of-the-art electric vehicle for global markets.
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