M&M to acquire remaining stake in Meru
April 30, 2021
Pravin Shah to be CEO of Meru, its subsidiaries
Mahindra and Mahindra Ltd (M&M) has entered into definitive agreements with shareholders of Meru Travel Solutions Private Ltd to buy their respective stakes in Meru and increase its stake to 100 per cent.
Following the deal, Pravin Shah, who was earlier President Automotive, M&M till March 2017, will be the CEO of Meru and its subsidiary companies, with effect from May 1.
M&M would acquire 44.14 per cent shares from private equity investor True North and others for an amount not exceeding ₹76.03 crore and 12.66 per cent from Neeraj Gupta and Farhat Gupta for an amount not exceeding ₹21.63 crore, the company said in a statement.