M&M, the country’s largest maker of sport utility vehicles (SUV), is looking to buy a strategic stake from private equity players, Global Environment Fund and Draper Fisher Jurvetson in the Bangalore-based electric carmaker, Reva Electric Car Company (RECC). RECC, a joint venture between Maini Group and California-based AEV LLC, sells electric cars in over 24 countries, including
In 2006, Reva had raised $20 million from Global Environment Fund and Draper Fisher Jurvetson. These investors are nearing a strategic sale of their stakes in RECC, believed to be valued around $100 million (Rs 457 crore). RECC is setting up its second electric car manufacturing facility in
Last year, Reva entered into a technology tie-up with General Motors. The agreement includes marketing of Reva cars through the outlets of General Motors. The nascent electric car market in
