- Apr 5, 2010
Report: Mahindra looking to buy stake in Reva?
Reva NXR – Click above for high-res image gallery
India's Economic Times spoke to "a person with direct knowledge" of a potential deal between electric car company Reva and Mahindra & Mahindra to learn that we might soon hear about a partnership that would either see Mahindra take a majority stake in Reva or there being some sort of strategic alliance between the two companies. Apparently, Global Environment Fund and Draper Fisher Jurvetson, which invested about $20 million in Reva back in 2006, are looking to get out of their involvement. Mahindra and Reva have both either denied the story or have said they won't comment on "speculative stories."
One number in the ET report that might be of interest: Reva has sold around 3,500 of its electric quadricycle (known as the G-Wiz in the UK) since launching it in 2001. Reva's upgraded NXR electric car has been delayed by about a year to late 2010. Mahindra, for its part, is scheduled to launch an all-electric version of it's Maxximo this October.
[Source: The Economic Times]