On 26 May, Mahindra & Mahindra announced it had completed its acquisition of a majority stake in Indian electric car company, Reva. With a 55.2% holding, Mahindra is keen to tap the alternative energy market which is generating considerable interest among global investors.
Reva Electric Car Company will be renamed Mahindra Reva Electric Vehicle Company. Mahindra acquired its stake through a combination of an equity purchase from the promoters and a fresh equity infusion of over Rs450 million (US$10 million) into the company.
Over the past decade Mahindra has developed green technologies and introduced diesel hybrid technology on its Scorpio. It was also the first to launch micro-hybrid technology in India.
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