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Wednesday, May 26, 2010

M&M buys majority stake in Reva


Mahindra and Mahindra (M&M) has bought a majority stake in electric car company, Reva. The commercial vehicle major would now hold 55.2% in Reva via the stake sale and fresh equity infusion.

M&M would invest USD 10 million in the electric car major and would rename the company as Mahindra Reva Electric.

Pawan Goenka, president of M&M’s automotive and farm equipment sector would be the Chairman of the renamed company.

via CNBC