India's EXIM Bank Funds Mahindra Reva Electric Vehicles
Mahindra Reva Electric Vehicles Pvt. Ltd. (Mahindra REVA), pioneer of electric vehicle technology in India, announced that it has tied-up with the Export-Import Bank of India (Exim Bank) for a loan of Rs 50 crore [US$11 million]. Exim Bank will be financing the vehicle manufacturer under its Research & Development (R&D) finance programme.
The loan from Exim Bank will help the company to upgrade its existing EV models and launch new EV models with increased range, speed, safety and other features. Mahindra REVA has already obtained several global patents in energy management, remote diagnostics and battery management. The company has also undertaken various design and efficiency improvements initiatives which are in development stage, including NXR and NXG models.
"India's hi-tech exports are much lower as compared to low -tech exports. Expenditure in R&D would help boost hi-tech exports for which Exim Bank is ready to finance R&D, quality enhancement and product development," said Chairman and Managing Director, Exim Bank, Mr. T C A Ranganathan.
Mahindra REVA has developed significant proprietary technology which has enabled it to create a fleet of electric vehicles (EVs) in more than 24 countries. To be a dominant player in the electric vehicle (EV) market in the near future, Mahindra REVA intends to continue investing in Research & Development (R&D) activities.
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