India's leading SUV maker Mahindra & Mahindra (M&M) has acquired majority stake in green car maker REVA Electric Car Co Ltd. After the 55.2 per cent equity buyout by M&M, REVA Electric Car Co Ltd. will be renamed Mahindra REVA Electric Vehicle Co Ltd.
M&M has purchased equity from REVA's promoters and has also infused a fresh equity of over Rs 45 crore into the company. The board of the new company has been reconstituted under the chairmanship of Pawan Goenka, President Automotive & Farm Equipment Sectors, M&M.
REVA is marketing its green cars in 24 countries across the world. “With issues such as climate change and carbon footprint taking centre stage globally, eco-friendly transportation becomes the need of the hour. Mahindra already has an established sustainable mobility solutions programme and our association with REVA will only help us further expand our green footprint both in India and overseas,” said Anand Mahindra, Vice-Chairman & Managing Director, M&M.