Khaitan Trilegal drive Mahindra-Reva deal

Mahindra purchased a 55.2 percent stake in Reva which cost them Rs. 45 crore. Khaitan’s Ravi Kulkarni, Nikhilesh Panchal and Joy Jacob advised Mahindra while Trilegal’s Rahul Matthan and Harshita T, advised Reva. With the conclusion of this deal, Reva will be renamed as Mahindra Reva..Khaitan & Co’s Mumbai based partners, Ravi Kulkarni, Nikhilesh Panchal and Joy Jacob advised Mahindra & Mahindra in their purchase of 55.2 percent in Reva Electric company. Entering the electric car market has cost Mahindra Rs. 45 crore ($10 million)..Trilegal’s Bangalore office led by partner Rahul Matthan, who incidentally drives a Reva to work, and Senior Associate Harshita T, represented Reva. The electric car manufacturer is also an old client of Trilegal. Earlier, Rahul Matthan also had represented the Reva in a transaction where the Maini group repurchased shares from Global Environment Fund (GEF) and Draper Fisher Jurvetson (DFJ), which had invested in the company. In 2006, GEF-DFJ combo had invested $20 Million (Rs. 90 crore) in Reva..The Maini Group has been pushing their flagship company aggressively. Earlier reports indicate that Reva landed several deals including one with General Motors to electrify the latter’s small car, Spark. VCCircle reports that they were also in talks with the US-based Bannon Auto, and had entered agreement with the Iceland-based Northern Lights Energy..With the conclusion of this deal, Reva will be renamed as Mahindra Reva and the promoters, the Maini family will hold 31 percent in Mahindra Reva while co-founder Lon Bell will hold 11 percent. The balance 2.8 percent will be held by the employees..This transaction highlights a renewed interest in alternative fuel technology. India was considered as the pioneer in alternative fuels when the Supreme Court had in 1998 ordered all public transport vehicles plying within Delhi, run on Compressed Natural Gas as against diesel.