Mahindra & Mahindra Ltd., India’s biggest sport-utility vehicle maker, agreed to buy a controlling stake in Reva Electric Car Co. on rising demand for alternative- energy vehicles.
Mahindra will acquire a 55 percent stake comprising stock bought from closely held Reva’s founders and about $10 million of new shares, it said in a Bombay Stock Exchange statement today. It didn’t give an overall value for the transaction.
The deal will give Mahindra access to technology that has enticed General Motors Co. to work with Bangalore-based Reva on developing an electric hatchback. Reva is offering autos in 24 countries and has sold more than 3,500 vehicles worldwide, according to the statement.
Mahindra gained as much as 4.4 percent in Mumbai and was at 527.5 rupees at 12:05 p.m. The stock has fallen 2.4 percent so far this year.
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