KPIT Cummins in talks with two foreign carmakers for Revolo

Pune-based KPIT Cummins is in talks with two foreign carmakers for commercialising its much awaited auto innovation, Revolo, that converts energy wasted in stop-and-go city traffic and stores it in on-board batteries for later use.
Revolo, which in effect makes a typical petrol/diesel car an energy-efficient and environment-friendly hybrid car, will be tested on at least 100 vehicles over the course of the year to ensure its engineering robustness, according to Kishore Patil, chief executive and managing director at KPIT Cummins, a is a product engineering firm.
Patil said that KPIT Cummins is in talks with at least two foreign and one Indian car-maker for commercial adoption of Revolo but did not disclose the identify any or give a timeline as to when a deal might be closed.
He said that talks are on with different state public transport corporations for fitting their existing fleets with Revolo. “They have government grants for these kind of things, but given they are public entities the talks tend to be lengthy and time consuming,” he said. KPIT, which announced its financial results for the just concluded fiscal saw its revenue growing 40% in the year ended 31 March to Rs1,023 crore while profit grew 10.3% to Rs95 crore.
“During the year, we crossed an important milestone of `1,000 crore in revenue. As planned, the growth was driven by increased traction in automotive electronics, global SAP business and emerging markets,” said Ravi Pandit, chairman and group chief executive at KPIT Cummins, “In fiscal 2012, with focus on profitable growth, we are expecting topline as well as bottomline growth of around 25%.”