Electric-car company Reva is in talks with a strategic investor for a $15 million private equity funding.
Till date, an investment of $20 million has been invested in the company, which is a 74: 26 joint venture between the Maini Group and the AEV LLC of the US.
Though it is clear that the Maini Group would be reducing its stake in the company after this capital infusion, the extent of stake that it would offload is yet to be ascertained.
The talks are set to conclude within the next 3-4 months and an announcement is likely to follow.
Chetan Maini, managing director of Reva Electric Car Company, said, "We have been looking at private-equity funding for sometime now. We have identified a strategic investor, and the talks are on and will conclude within the next 3-4 months. An investment of $15 million is expected to come in. This will help us explore new markets."
Reva is betting high on the European market after receiving the European Economic Community Certificate for its electric vehicles, paving way for an aggressive foray into the European Union.
With this certificate, the company can commercially sell its electric cars in Europe after rechristened them as G-WIZ.
Reva is also upbeat on a new export order from UK-based Going Green Ltd for 500 cars. The company has already began to dispatch the order and hopes to tie up within the next 9 months.
Reva began testing its cars in the UK early this year. Both for the UK and the European markets, the car has been modified with internal and external features such as climate control seats and remote control heating.
"Our partner, Going Green Ltd, is supporting our initiatives to showcase this revolutionary product as the ideal solution for city mobility in the European markets. G-WIZ will also attract support from the UK government in the form of road tax exemptions, 100 per cent depreciation, congestion charges and parking-fee waivers in their efforts to promote environment friendly vehicles," Maini added.
The basic model of Reva is priced at Rs 247,000 (on road), while the fully loaded version comes at Rs 322,000 (on road).
However, the latter would be sold in UK and European Union at about 30-40 per cent higher price.
The company aims to sell nearly 5,000 cars within the next 3-4 years in Europe. Having made inroads into the European market, Reva is now eying Japan, Malta and the US.
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