Mahindra acquires majority stake in REVA Electric Car Company
The all new company Mahindra REVA will be a prime, established and holistic all-Indian electric car venture and is expected to grow M&M’s position in the blooming global electric vehicle race.
Mahindra & Mahindra has gained controlling stake in the REVA Electric Car Company after buying the comany’s 55.2 percent equity in the Bangalore-based electric car firm, thus becoming the owner with maximum shares.
M&M bought itself the stake from promoters and put in an addition Rs 45 crore into the company. The new company will be called the Mahindra REVA Electric Vehicle Company.
Not only in electric vehicles but also the company’s new products will see enhancements all thanks to M&M’s established sales network, the products will hit mainstream in an even more emphatic manner.
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Posted by MichaelKarsten on May 29 2010 Filed under Autos. You can follow any responses to this entry through the . You can leave a response or trackback to this entry
