Mahindra & Mahindra to buy stake in Reva

Mahindra & Mahindra is set to announce on Wednesday it is buying a stake in an electric car company, a source with direct knowledge of the matter said on Wednesday.                          

Mahindra, India's largest utility vehicles and tractor maker, will be make an announcement at 11.45 am in the southern Indian city of Bangalore, where the Reva Electric Car Company is headquartered, he said.     

Details of the transaction were not immediately available.      

Reva, founded by Chetan Maini in 1994, is an Indo-US joint venture and has launched more than 3,000 cars.                  
 

Mahindra was close to a deal and valued Reva at about $100 million.