To launch Maxximo electric trucks by yr-end: Anand Mahindra

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 thecompany as Mahindra Reva Electric.
A day after sealing the deal with Reva, Anand Mahindra, VC & MD, M&M explained his strategy to CNBC-TV18 of entering the electric car segment.


Q: What would this move mean for the Indian consumer?
A: I would say one has to view this acquisition as an acquisition of a competence, of a capability. Don’t focus on are we going into small cars and what’s in it right away for the consumer. Mahindra andMahindra as an automaker with global aspirations has to have the competence for alternate fuel technology. As you know yourself, you have been following the company for a long time, we have been putting our tentacles out in each possible area of technology.
As you know every year at the Auto Expo we showcase what progress we have made, whether they are on even the hydrogen combustion, three wheeler for example or biofuels which we have been following for a long time. I think our operating management led by Pawan felt very clearly that the investment in Reva would put us ahead of our planned trajectory and that’s why the acquisition made sense.
So you have to put yourself in our shoes and realise that a company of our aspirations must have the ability to play in the field of electric vehicles and that is essentially what we have acquired.


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