Mahindra wants to invest in Reva
Published On Apr 05, 2010 06:51 AM By Anonymous
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Mahindra & Mahindra, the major SUV maker in India, is taking interest in REVA. The company wants to invest and ready to buy a major stake in REVA to manufacture an electric car in the country.
Both Mahindra and REVA are going to enter in a deal which may be over Rs 100 crore. Global Environment Fund and Draper Fisher Jurvetson, which already have invested $25 million in the REVA, are reported to quit the alliance with the company. Our Company is not going to deal with Mahindra and Mahindra Said Chetan Manini managing director of REVA.
Meanwhile, according to sources, Mahindra & Mahindra's team has already visited Reva's Bangalore plant in this regard. Reva is a Joint company of two California based firms, Maini Group and AEV LLC respectively. Now the company wants to unveils two new model and manufacturing plant in other countries.
Reva already has a tie-up with and American company Bannon Auto to produce cars in US. This group is hoping from government financial help, But havn't received any help as yet.
