Synopsis
Mahindra & Mahindra wants its footprint in the entire mobility solutions business with a focus on making its fleet all electric, where return on investment is still low
ETtech
Illustration: Rahul Awasthi
All eyes are on what Mahindra & Mahindra will do with its shared mobility business after the Mumbai-based conglomerate last week bought out radio taxi fleet Meru, ending the latter’s run as independent entity that had lagged in competing against ride hailing platforms Ola and Uber.
M&M wants its footprint in the entire mobility solutions business with a focus on making its fleet all electric, where return on investment is still low. Industry experts, however, say this will prove to be a challenge for the utility and tractor maker.
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Synopsis
Meru Mobility, in which Mahindra has a 55% stake, also has plans to raise Rs 350-400 crore from a clutch of strategic investors.
Mahindra Group has previously said that it would look at an initial public offering (IPO) for its mobility unit, of which Meru is a part, to unlock value.
Mahindra Group-backed ride hailing service Meru Mobility is in advanced talks with Japanese car leasing firm Orix Auto Infrastructure Services for a possible stake sale, two people aware of the development said.
Meru, in which Mahindra & Mahindra
acquired 55% stake in September 2019 for about Rs 103 crore, had
planned to raise Rs 350-Rs 400 crore and was in talks with a clutch of strategic investors over the last six to nine months.
Maruti Suzuki Extends its Subscription Service to Kochi, Now Available in Nine Cities Across India
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Automobile major Maruti Suzuki India on Wednesday announced it has expanded its subscription programme to Kochi.
The company s subscribe scheme cars are avaliable in eight other cities including Delhi-NCR, Bengaluru, Hyderabad, Pune, Mumbai, Chennai and Ahmedabad.
Besides, the company has partnered with ALD Automotive India, the operational leasing and fleet management business line of the Societe Generale Group, for its subscription programme.
The company has also partnered with Orix Auto Infrastructure Services and Myles Automotive Technologies for the programme. RELATED NEWS A customer can opt from wide choices of WagonR, Swift, Dzire, Vitara Brezza, Ertiga from Maruti Suzuki Arena and Ignis, Baleno, Ciaz, XL6 and S-Cross from Nexa, the automobile manufacturer said in a statement.