Mahindra Buys REVA EV Producer

Mahindra & Mahindra has expanded its presence in the electric vehicles segment, as the company has acquired the majority stake in REVA Electric Car Company. The move will see the latter being renamed Mahindra REVA Electric Vehicle.

The new agreement will see M&M own 55.2 percent equity in Mahindra REVA and become a strong global player in the electric vehicle world. Mahindra REVA will now have access to Mahindra’s vehicle development technology an distribtuion network.

Mahindra REVA’s EV technology will be adpated for the Mahindra Maxximo minitruck, with more Mahindra vehicles following this pathway in the future.

Subsequent to the transaction, Board of Mahindra REVA has been re-constituted under the chairmanship of Dr Pawan Goenka, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra.

REVA is currently marketing its products in 24 countries across the world, having a total vehicle populaton of 3,500 units, one of the largest EV fleets globally. The company recently presented its next generation EVs, the NXR an the NXG.

"The EV market is poised to grow significantly and we concluded that in order to seize the opportunity we needed the resources and experience of a major automotive manufacturer. In Mahindra we have found a company that not only shares our vision of principled and sustainable growth but one that also has a reputation for good corporate governance. As a result of Mahindra's investment, Mahindra REVA will be able to scale, innovate and accelerate and so to deliver better products to more customers in more places," said Chetan Maini, Chief of Technology & Strategy, of the newly formed Mahindra REVA.