Mahindra Reva Electric Vehicles Pvt. Ltd. (Mahindra REVA), pioneer of electric vehicle technology in India, announced that it has tied-up with the Export-Import Bank of India (Exim Bank) for a loan of Rs 50 crore. Exim Bank will be financing the vehicle manufacturer under its Research & Development (R&D) finance programme.
The loan from Exim Bank will help the company to upgrade its existing EV models and launch new EV models with increased range, speed, safety and other features. Mahindra REVA has already obtained several global patents in energy management, remote diagnostics and battery management. The company has also undertaken various design and efficiency improvements initiatives which are in development stage, including NXR and NXG models.
"India's hi-tech exports are much lower as compared to low -tech exports. Expenditure in R&D would help boost hi-tech exports for which Exim Bank is ready to finance R&D, quality enhancement and product development," said Chairman and Managing Director, Exim Bank, Mr. T C A Ranganathan.
Mahindra REVA has developed significant proprietary technology which has enabled it to create a fleet of electric vehicles (EVs) in more than 24 countries. To be a dominant player in the electric vehicle (EV) market in the near future, Mahindra REVA intends to continue investing in Research & Development (R&D) activities.
Exim Bank has financed several companies to fund their R&D activities, new product development and other related costs for obtaining patents, regulatory approvals and Intellectual Property Rights (IPR) under its R&D finance programme. R&D finance by Exim Bank is in the form of Term Loan / Equity Participation or a hybrid product to the extent of 80% of the R&D cost.
About Mahindra REVA Electric Vehicles Pvt Ltd: Mahindra REVA is a pioneer of EV (electric vehicle) technologies and one of the first companies to introduce electric vehicles worldwide. Founded in 1994 as REVA Electric Car Company, a joint venture between the Maini Group of Bangalore and AEV LLC of USA, the company was acquired in May 2010 by the USD 7.1 billion Mahindra Group of India. The REVA electric vehicle was launched in Bangalore in 2001 and in London in 2004, (latter under the G-Wiz brand). Today Mahindra REVA has one of the largest deployed fleets of electric cars in the global market and has accumulated data from more than 100 million km of user experience.
About Export-Import Bank of India: Export-Import Bank of India is the premier export finance institution of the country. Since its inception, Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment. Commencing operations as a purveyor of export credit, like other Export Credit Agencies in the world, Exim Bank of India has, over the period, evolved into an institution that plays a major role in partnering Indian industries, particularly the Small and Medium Enterprises, in their globalisation efforts, through a wide range of products and services offered at all stages of the business cycle.
