Mahindra & Mahindra (M&M) on 26 May 2010 acquired a majority, 55.2 per cent, stake in the Maini Group's Reva Electric Car Company. With the foray into electric vehicles the company is betting big on hybrid as well as electric technology. However, financial details of the deal have not been disclosed.

M&M is expected to own 55.2 per cent in the JV, which has been named Mahindra Reva Electric Vehicle Company, through a combination of equity purchase from the promoters and a fresh equity infusion of over Rs 45 crore into the new company.

Post acquisition of the stake by M&M, the Maini Group has a 31 per cent stake in the company while AEV has 11 per cent and the rest is with the employees.

The company expects to sell about 50,000 electric vehicles from the Reva stable in about seven years. Also, Reva's technology is likely to be used the manufacture of its three-wheeler Bijlee vehicle as well as its mini-truck Maxximo.