Mahindra Reva gets loan from EXIM bank under R&D finance programme

The First electric car maker in India and the biggest name in the world of electric cars, Mahindra Reva Electric Vehicles Pvt. Ltd. (Mahindra REVA) has announced its alliance with The Export-Import Bank of India (EXIM Bank) for a loan that amounts to INR 50 crore.

The company would get the finance under the bank's R&D programme. The purpose of this tie up is that it will assist Mahindra Reva in upgrading its current electric models and introduce new models with a wide range, faster pace and better safety. The company has availed a number of remote diagnostics, battery management and global patents in energy management. It has also taken up efficiency and design betterment steps  for its NXR and NXG models

Mr. T C A Ranganathan, Chairman and Managing Director, Exim Bank commented that hi-tech exports in India are less in comparison to low tech exports. Spending on Research and Development, product development and quality improvisation would enhance hi tech exports. EXIM Bank has before this, given financial assistance to a number of companies in their R&D endeavours, patent related costs, IPRs. regulatory approvals under the same programme as mentioned above. The finance under this programme takes the shape of a Term Loan or Equity participation or a hybrid product and extends to upto 80 per cent of the cost.

Mahindra Reva through its proprietary technology has made it possible to create its array of electric cars across the globe in over 24 countries. Research and Development would ensure the company's dominance in the Electric car market.

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