M&M & Reva promoters begins preliminary talks: Sources
M&M (500520) is eyeing majority stake in electric car-maker Reva, reports CNBC-TV18 quoting sources. M&M & Reva promoters have begun preliminary talks.
However, M&M declined to comment on this story. Reva promoter Chetan Maini said that the company will have to deny that today. Reva shareholders DFJ & AEV LLC are yet to respond to the query.
Reva said that the company is focussed on tech licensing tie-up with GM. And it will look at other players for tech licensing.
Reva has sold 3500 cars since its production began in 2001. Reva says that it expect the plant capacity to up to 30,000 units by year-end.
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