M&M buys majority stake in Reva

Mahindra and Mahindra (M&M) has bought a majority stake in electric car company, Reva. With this, the commercial vehicle major would hold 55.2% in Reva via the stake sale and fresh equity infusion.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney SME Special
moneycontrol.com

Home » News » Business

May 26, 2010, 08.24 PM | Source: Moneycontrol.com

M&M buys majority stake in Reva

Mahindra and Mahindra (M&M) has bought a majority stake in electric car company, Reva. With this, the commercial vehicle major would hold 55.2% in Reva via the stake sale and fresh equity infusion.

Like this story, share it with millions of investors on M3

M&M buys majority stake in Reva

Mahindra and Mahindra (M&M) has bought a majority stake in electric car company, Reva. With this, the commercial vehicle major would hold 55.2% in Reva via the stake sale and fresh equity infusion.

Post Your Comments

Share Cancel

CNBC-TV18
Mahindra and Mahindra (M&M) has bought a majority stake in electric car company, Reva. The commercial vehicle major would now hold 55.2% in Reva via the stake sale and fresh equity infusion.

M&M would invest USD 10 million in the electric car major and would rename the company as Mahindra Reva Electric.

Pawan Goenka, president of M&Mís automotive and farm equipment sector would be the Chairman of the renamed company.

According to industry experts, the enterprise value of Reva is approximately Rs 500 crore.

Reva is sold in 24 countries and has over 3,000 units on road already. The company produces approximately 30,000 units per annum at its plant in Bangalore. It has the largest deployed fleet of electric cars in the market. It is currently working on the Reva NXR.

GM calls off tie-up:
In a related development, sources told CNBC-TV18 that General Motors has called off its collaboration with Reva. It has also shelves the launch of the electric Spark. GM will now focus on in-house technology for electric cars in India.

Reva had entered into a collaboration agreement with General Motors last year. GM India was also developing the electric Spark with Reva, which was to be rolled out by year-end.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
M&M buys majority stake in Reva

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login