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Mahindra acquires all of Meru Cabs with fresh investment of Rs98 crore
03 May 2021
Mahindra & Mahindra has acquired the remaining 56.80 per cent shares in Meru Travel Solutions Limited (Meru Cabs), with a fresh investment of Rs98 crore, to take full control of the shared mobility business as the automotive major expands into new markets and finds new markets for its vehicles.
Mahindra acquired 44.14 per cent shares in Meru Cabs owned by private equity investor True North and others for Rs76.03 crore and 12.66 per cent shares from Neeraj Gupta and Farhat Gupta for Rs21.63 crore. With this acquisition, Mahindra now owns 100 per cent stake in Meru.
IndiaNeeraj-guptaPravin-shahFarhat-guptaAnish-shahFleet-solutionsMahindraMeru-travel-solutions-limited-cabsAutomotive-servicesMahindra-groupMeru-travel-solutionsMeru-cabs linkedin In continuation of its strategic intent to grow its presence in the shared mobility space, Mahindra & Mahindra has entered into definitive agreements with shareholders of Meru Travel Solutions (Meru) to buy their respective stakes M&M is to acquire 44.14% shares from private equity investor, True North and others for an amount not exceeding Rs 76.03 crore and 12.66% shares from Neeraj Gupta and Mrs. Farhat Gupta, for Rs 21.63 crore. Set up in 2006, Meru Cabs revolutionised the way people travelled in cabs by offering AC cabs at their doorstep with a single call. Today, Meru has a significant presence in the airport transfer business, operating in the ride hail segment and providing employee transportation services to corporates in India.
IndiaNeeraj-guptaPravin-shahFarhat-guptaAnish-shahFleet-solutionsMeru-travel-solutionsMahindraMahindra-groupAutomotive-servicesTrue-northMeru-cabs