M&M buys 55% in Reva for electric car venture

Mahindra & Mahindra has finally bought a majority stake in the electric car company Reva speculations doing rounds from quite some time now. This marks the beginning of a new venture of using an alternative fuel technology in their new car. M&M has been a popular and indeed the largest utility vehicle company in India and this stride would only add passenger cars to the portfolio of this auto major. The current portfolio of M&M in India includes Bijlee, a three wheeler and Maxximo that is also powered by electricity and is due to launch later in this year.



Mahindra would hold a whopping 55% stake in Mahindra Reva Electric Vehicle Company, while Reva's promoters, the Maini family would have a partnership of 31% and the co-founder of Reva Lon Bell will have a share of 11%. The rest would be held by the employees with stock options. Pawan Goenka, president Mahindra & Mahindra, ready to take over as chairman of the partnership, commented that they expect about 1.5 million electric cars to be sold globally and find it simple that at least 50,000 of that total would be Reva cars. The deal comes forward as the part of Mahindra & Mahindra's long term strategy of focusing on global expansions.

Source:- M&M buys 55% in Reva for electric car venture - New Cars