A recent press report said that Mahindra Reva Electric Vehicles Private Limited (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 finance for the vehicle manufacturer under its Research & Development (R&D) finance program.
Reports said that the loan from Exim Bank will facilitate 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.
Mr. T. C. A. Ranganathan, Chairman and Managing Director, Exim Bank said that the hi-tech exports in our country are much lower as compared to low -tech exports. He said that the expenditure in R&D will help in increasing the hi-tech exports for which Exim Bank is ready to finance R&D, quality enhancement and product development.
Reports also said that Mahindra REVA has developed significant proprietary technology which has enabled it to create a fleet of electric vehicles (EVs) in more than 24 countries. It has planned to continue investing in Research & Development (R&D) activities in order to become a dominant player in the electric vehicle (EV) market.