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Midex Airlines, a freight carrier based in the United Arab Emirates, has bought 40 stake in Heuliez Electric, a French maker of electric cars, for 100 million dollars, the airline said on Wednesday.
"We have taken a 40 percent share in the company... for 100 million dollars," Midex Airlines director general Jassim Albastaki told AFP.
He said that talks with Heuliez Electric, a subsidiary of French engineering company Heuliez, started in May and the agreement was sealed on Tuesday on the sidelines of the Dubai Airshow.
Midex will get exclusive marketing franchise for the environment-friendly vehicles produced by Heuliez Electric in the Middle East, including Iran, and in India, Albastaki said.
Although Midex Airlines specialises in air cargo transport, Albastaki said its investment in Heuliez Electric is a way of "diversifying sources of revenues".
Midex Airlines was established in 2007 and started operations in 2008 from al-Ain Airport. It suspended scheduled flights this year due to a drop in airfreight business and now operates only charter flights, according to its website.
Heuliez is developing a three-seater car called Friendly, set to go on general sale by 2012. The company says the vehicle will be able to travel up to 250 kilometres (155 miles) after one charge.
