Mahindra takes electric car stake
Indian car maker Mahindra has taken a major step closer to the electric car market by taking a 55.2% stake in the REVA Electric Car Company.
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The purchase will include a RS45 crore ($10m) cash infusion into the electric car maker which is currently marketing its products to 24 countries worldwide and has recently launched its next generation NXR and NXG models.
The new alliance will give REVA access to Mahindra's vehicle development technology and distribution network, while offering it's new parent additional expertise as it pursues it's Sustainable Mobility initiative which has been running for the past 10 years to develop green technologies.
Mahindra has already demonstrated diesel hybrid technology on its Scorpio and hydrogen Alfa three wheelers and has a pilot fleet operating with 100% bio-diesel. It's latest acquistion will take it deeper into the electric vehicle market.
Published 27th May, 2010
