Mahindra Racing, the motorsports division of the $16.2 billion Mahindra Group, Thursday signed an agreement with series promoters Formula E holdings to become the eighth team to join the first ever fully electric racing series beginning September 2014.
Already a major force in the development and production of electric vehicles through its Reva brand, joining the new zero emission series was a natural step for the Mahindra Group.
"We strongly believe that Formula E can provide an excellent global showcase for our electric vehicle technology," said Anand Mahindra, chairman and managing director of Mahindra Group.
"With advanced operations and expertise in electronics, IT, automotive technologies and manufacturing, we are already seeing the fusion of this technology into our electric vehicle operations. Racing will further accelerate that trend while Formula E is set to raise awareness globally about the benefits of electric vehicles."
Mahindra is no stranger to international motor sport, having a team in the two-wheeler Moto3 Championship.
Mahindra Racing Formula E Team will now be put forward to the sport's apex body FIA for final approval as the eighth team to enter the championship. They join IndyCar outfits Andretti Autosport and Dragon Racing, Asia's China Racing and Super Aguri and European squads Drayson Racing, e.dams and Audi Sport ABT.
Formula E CEO Alejandro Agag added: "We are very proud to have a major global company like Mahindra join the Championship. Adding a manufacturer from India to what is already a real global mix of teams is fantastic news for the series. Everything is coming together very well and we look forward to presenting all ten teams to the FIA World Motor Sport Council next month."
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