Mahindra & Mahindra, the largest SUV maker of
Under the agreement, M&M bought 55.2% stake in the company. M&M bought existing equity from the promoters and invested another Rs. 450 million making it a strong player in the global electric vehicle market. After the completion of the deal, the company will be renamed Mahindra-Reva.
Reva Electric Car Company (RECC) is a
Despite being the first entrant, RECC did not see much success in
Till date, RECC sold 3,000 units mainly in
The company is looking forward to popularize its Reva NXR (NeXt Reva) and Reva NXG (NeXt Generation). It is going to build a new vehicle assembly plant in
In September last year, GM announced that Reva would supply drivetrain kits for its Spark electric car. Nothing had been finalized yet and GM officials did not comment on the matter. Stake in Reva would help M&M to improve its Bijlee three wheeler segment.