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As reported yesterday by RushLane, Mahindra and Mahindra have successfully completed buying a 55% stake in Reva Electric Motors, Bangalore. Though Mahindra did not disclose the total amount, it said it will invest another $9.5 million to give Reva's R&D a boost. Reva's CTO, Chetan Maini who joined the company as a mechanical engineer keeps his post under the Mahindra banner.
M&M COO, MR. Rajesh Jejurikar told reporters about their latest development. Mr. Jejurikar also added that M&M eyes to capture the electric car market in India and believes the time is right to do so. With global majors like Toyota and General Motors looking for alternative fuel options, Mahindra seems to have struck the right chord.
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