Mahindra and Mahindra Ltd. (M&M) today announced that it has entered into definitive agreements with shareholders of Meru Travel Solutions Pvt Ltd (Meru) to buy their respective stakes in Meru, as part of its strategic intent to grow its presence in the shared mobility space
It would acquire 44.14 percent shares from Private Equity investor, True North and others for an amount not exceeding Rs. 76.03 crores and 12.66 percent shares from Mr. Neeraj Gupta and Mrs. Farhat Gupta, for an amount not exceeding Rs. 21.63 crores. With this arrangement, M&M will enhance its current shareholding in Meru from 43.20 percent to 100 percent.
Meru Cabs, a ridesharing company founded in 2006 revolutionized 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.
Shares of Mahindra & Mahindra Ltd. on Friday closed on the NSE at Rs.753.05 as compared to the previous close of Rs. 774.50. The total traded volume of shares during the day was 44,66,148.