 Mahindra & Mahindra has struck a deal to be the majority shareholder in Bangalore-based Reva
Electric Car Company. It has picked up a 55.2 percent equity stake in Reva through purchase of
equity from the promoters as well as via a fresh equity infusion of Rs. 45 crore.
Post-buyout, the Reva Electric Car Company will now be known as Mahindra Reva. Dr Pawan Goenka,
head of M&M’s automotive division takes over as chairman of the new board while Chetan Maini,
founder of RECC, continues on the board and will in addition now assume the mantle of chief of
technology and strategy.
M&M’s has initiated several projects as part of sustainable mobility, many of which are under
various stages of test and implementation for the past decade. This will now get a big boost with
the new acquisition. M&M will adapt Reva’s Electric Vehicle technology for the Bijlee – the
electric three-wheeler and its mini truck – Maxximo - among other M&M products.
Goenka, now chairman of Mahindra REVA says, “With Mahindra’s vehicle engineering expertise, global
distribution network, sourcing clout and financing support, Reva’s vehicles have the potential to
significantly gain in market penetration. Mahindra will also benefit from Reva’s EV technology
for its own products.”
Chetan Maini, says, “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. We found that in M&M which not only shares our vision of sustainable growth but one
that also has a reputation for good corporate governance.”
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