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CYRUS43

Mahindra Buys Stake in Reva

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Mahindra & Mahindra has struck a deal to be a majority
shareholder at Reva Electric Car Company. The company has picked up a
55.2% equity stake in Reva through equity purchase from the promoters
as well as fresh equity infusion of Rs 45crore into the company.


Post the buyout, Reva Electric Car Company has been renamed as
Mahindra Reva, and it will have Dr. Pawan Goenka as the Chairman of the
new board. Mr. Chetan Maini will continue to be on the board and also
be the chief of technology & strategy.

 

M&M

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Kudos to Mahindras.

One more addition in this year which seems to be their best year, so far.

Reva under Mahindra will go places.  Very fast. 

All the best to Goenka & his team at Mahindra Reva.

 

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But' date='But what about GM's partner ship with REVA?[/quote']

GM is opting out of that partnership with Reva.  It was announced within an hour of Mahindra's announcement.  So, there shall be no Electric Spark.

That proposal is dropped by GM almost immediately on the same day.

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BTW, Reva claims to be the largest electric car company in the world - based on number of EVs sold. Ofcource, Nissan will overcame Reva this December when the Leaf is released.

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