Mahindra Reva Among Top 50 Most Innovative Global Companies


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BANGALORE, India--February 20, 2013:

Mahindra Reva Electric Vehicles Pvt. Ltd., a part of the US $15.9 billion Mahindra Group, has been featured in the prestigious 'Fast Company' magazine listing of the Top 50 Most Innovative Companies of 2013. Mahindra Reva was ranked at number 22 for its innovative contributions to the global electric vehicle industry. The Fast Company listing features businesses that are creating the greatest impact across their industries and culture as a whole.

Fast Company focuses on technology, business, & design and for this listing it assesses thousands of businesses based on creativity, real-world impact, risk taking, and execution to create a list of just 50 companies. Mahindra Reva is listed along with other globally renowned companies like Nike, Apple, Google and Samsung, with Mahindra Reva being the only Indian company in the list.

The award comes at a time when the company is all set to launch its next generation electric car, the E2O. Fast Company highlighted the E2O's smartphone-powered 'Emergency Electric Boost' as one of the coolest features in the car.

Anand Mahindra, Chairman, Mahindra Group , said, "Mahindra Reva featuring among the world's top 50 most innovative companies is a tribute to Chetan Maini and the team at Mahindra Reva. Our vision of the Future of Mobility depends on our ability to harness clean energy not only to power, but also produce a new generation of clean vehicles. Mahindra Reva is a global leader in addressing both these important issues."

Chetan Maini, Founder and Chief of Strategy & Technology, Mahindra Reva Electric Vehicles Pvt. Ltd, said, "It is a matter of honour and great pride to be featured in such a prestigious global list. This recognition is testimony to our unrelenting efforts and contribution to the electric vehicle industry. I would like to thank everyone who supported us on this journey."

"We will continue to keep our innovation quotient high, strive to achieve our vision of the future of mobility and our upcoming product offerings like Mahindra E2O will provide ample proof of our innovation thrust," he added.

Mahindra Reva is a pioneer of electric vehicle (EV) technologies and one of the world's most experienced EV manufacturers. Founded in 1994 as the Reva Electric Car Company, the company was a joint venture between the Maini Group of Bangalore and AEV LLC of USA. Reva focused on creating affordable electric cars through advanced technology and launched its first model in India in 2001 and in London in 2004.

In May 2010, the USD $15.9billion, 144,000-employee Mahindra Group acquired a majority stake in the company, which was renamed Mahindra Reva Electric Vehicles Pvt Ltd. Mahindra Reva remains headquartered in Bangalore, India, next to Electronics City - one of the world's information technology hubs.

Today Mahindra Reva has one of the world's largest deployed fleets of electric cars - customers in 24 countries have driven their Revas petrol-free for over 180 million kilometers. The company produces its own cars, licenses out its electric vehicle technologies, electrifies existing platforms, and helps to deliver integrated zero-emissions mobility solutions. The company's new factory in Bangalore, capable of producing 30,000 cars per year, was inaugurated on August 22, 2012 and named its next-generation, future-ready, electric car as the 'Mahindra e2o' on January 7, 2013.

In 2006, Reva was acclaimed by Business World India as one of India's "Cool Companies" and in 2008 was the recipient of the Frost & Sullivan Automotive Powertrain Company of the Year award. In 2010, Revai was crowned Green Car of the Year at Overdrive & CNBC TV18 awards. Mahindra Reva's IGBC platinum rated plant was inaugurated by Mr. Anand Mahindra on August 22, 2012, which was set to produce 30,000 units per year.

About Mahindra Group

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 15.9 billion multinational group based in Mumbai, India, Mahindra employs more than 155,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.

In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world.

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