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Mahindra Acquires Reva
In a press conference the two companies revealed that the acquisition is a combination of equity purchase from Reva and capital infusion of Rs 45 crore by Mahindra.
Reva, was a joint venture between Maimi Group and AEV LLC. The new board of Mahindra Reva, includes five nominees from M&M, two from Maini and one from AEV LCC. The share holding would be, 55.2% by Mahindra, 11% by AEV LLC and 31% by Maini.
The chairman of the board would be Pawan Goenka, Chetan Maini would be the chief technology officer and Reva's senior executive would continue to hold their position.
Chetan Miani confessed that for the growth of Reva, resources and experience was the two major things needed. Chetan Miani believes that with Mahindra's acquisition these two needs will be fulfilled and Reva will witness significant growth.
At present REVA sells electric car in 24 countries and has till date sold 3,500 vehicles globally. In 2009, the company has a record of selling 400 units, of which 50% were exports. A new manufacturing plant of Reva im Bangalore is being built and would have the 30,000 units to begin with.
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