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The Mint Report for 26 May 2010

The Mint Report for 26 May 2010
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First Published: Fri, May 28 2010. 12 30 AM IST
Updated: Fri, May 28 2010. 12 46 AM IST
New Delhi: India’s most popular electric car finally has a new buyer. Mahindra and Mahindra has agreed to buy a fifty five percent stake in Reva Electric Car Company. The two haven’t said how much the deal is worth, but it is known that Mahindra will buy stake from Reva’s promoters. The deal will involve an infusion of Rs 45 crore of fresh equity. Wednesday’s announcement also means Reva’s promoter Chetan Maini and his family will now hold just 31% of the company.
Mahindra says the acquisition gives it a head start of 3-4 years in the race for electric vehicles. The company has already sold fifty thousand units of its micro-hybrid Scorpio car. And it’s soon going to launch an electric version of the Maximo mini-truck. Reva meanwhile, has sold 3,500 units of its small, all-electric cars since it started commercial operations nearly a decade ago.
Air India employees called off their strike on Wednesday. The move came after the Delhi High Court stayed their protests until 13 July. Air India’s management had petitioned the court, asking for the strike to be declared illegal after some 15,000 employees went on a nationwide strike Tuesday to protest delays in salaries and a gag order on talking to the press. More than 75 flights got cancelled as a result and many more were diverted. Air India, of course, has also spent the week dealing with the aftermath of a gruesome crash that killed 158 flyers in Mangalore.
There’s a new reason for India and China to fight over trade. Power Grid Corporation of India has made it compulsory for all equipment makers who want to sell it product to be equipped with local manufacturing capacity. PGCIL says the move is necessary because buying machinery without local after-sale support can be risky. The decision effectively prevents Chinese firms from selling to Power Grid.
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First Published: Fri, May 28 2010. 12 30 AM IST