M&M plans to enter US market in five years

Auto major Mahindra & Mahindra (M&M) plans to enter the US market with its electric vehicles from group firm Reva's portfolio within next five years.

At present, the US government provides various incentives to the tune of $7,500 on electric vehicles, Mahindra Reva Electric Vehicles chief of operations R Chandramouli said. "We want to be present across the globe in the next five years, apart from our current operations in the Europe and India," he added. 

In May this year, M&M acquired 55.2% stake in Chetan Maini-promoted Reva Electric Car Company through a combination of equity purchase and a fresh equity infusion of over Rs45 crore into the company.

The company is working to introduce electricity-driven technology in M&M's entire product portfolio and a final announcement will be made during the next fiscal.

On Thursday, M&M rose 0.31% to Rs780.40 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.33% up at 19,930.64 points.
 

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Kingfisher Airlines appoints Sanjay Aggarwal as new CEO

Kingfisher Airlines said it has appointed Sanjay Aggarwal, the former CEO of SpiceJet, as the chief executive officer (CEO) of the company.

Vijay Mallya, who was designated as the chairman and CEO, has been re-designated as the chairman and managing director of the company, Kingfisher Airlines said in a statement to the Bombay Stock Exchange today.

Mr Aggarwal, who steered SpiceJet into profit in financial year 2009-10 for the first time since its inception in 2005, quit SpiceJet this July after media baron Kalanithi Maran bought a 37.7% stake with a 20% open offer, following US investor Wilbur Ross deciding to offload his stake.
 

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