May 26, 2010

Mahindra & Mahindra may buy strategic stake in Reva

Mahindra & Mahindra (M&M), the country’s largest maker of sport utility vehicles (SUV), is looking to buy a strategic stake from private equity players Global Environment Fund and Draper Fisher Jurvetson in the Bangalore-based electric carmaker, Reva Electric Car Company (RECC).reva

RECC, a joint venture between Maini Group and California-based AEV LLC, sells electric cars in over 24 countries, including India. Since its launch in 2001, the company has sold over 3,500 cars, including 1,000 in India.

According to media reports, M&M is looking to buy out the stake held by private equity players in RECC. M&M is holding a press meet here tomorrow


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