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PHOTO CAPTION: Reva co-founder Chatan Maini NXR model.

Electric Car Maker Reva Attracts Another Suitor

Mahindra could take 51% stake in Bangalore-based Reva.

Published: 17-Apr-2010

MUMBAI, India — Reva Electric Car Company seems to be attracting more than one suitor. After striking an alliance with General Motors to provide technology, Reva is said to be in talks with Mahindra & Mahindra, the big utility-vehicle manufacturer, for an equity partnership.

Sources told Autocar India that two of the stakeholders in Reva Electric Car Company — U.S.-based Global Environment Fund and Draper Fisher Jurvetson — may exit by selling their stakes to M&M. When contacted, both M&M and Reva Electric Car Company declined to comment on the "speculation" that M&M might buy a stake in Reva.

Global Environment Fund and Draper Fisher Jurvetson did not respond to inquiries. The companies have invested $10 million each in Bangalore-based Reva. Going by M&M's acquisition strategy yardstick, the Mumbai-based company would pick up at least a 51-percent stake, if the deal takes place.

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