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Mahindra Acquires 55 % Stake In Meru Cabs For ₹ 201 Crore

Saurav Bhagat by Saurav Bhagat
September 2, 2019
in Automobile, News
Reading Time: 2 mins read
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  • The acquisition is set to be completed in stages and the first tranche will be in October 2019 with Rs 103.5 crores being the primary investment
  • Meru is one of the first radio taxi operators in the ride-hailing segment in India in 2007.

Mahindra & Mahindra (M&M) is buying a 55% interest in the ride-hailing company Meru Travel Solutions for up to Rs 201.5 crore cash consideration.

On Saturday, M&M said in an exchange filing, the firm signed a share subscription and shareholder agreement to subscribe up to 55 percent of Meru’s equity assets in tranches.

The acquisition is set to be completed in stages and the first tranche will be in October 2019 with Rs 103.5 crores being the primary investment. This comes after Mahindra Electric and Meru have announced a joint electric vehicle pilot project in Hyderabad.

With the investment, Meru will become a subsidiary of the company along with Meru Mobility Tech Private Limited, V-Link Automotive Services Private Limited and V-Link Fleet Solutions Private Limited.

Mahindra & Mahindra says it “is keen to grow its presence in the shared mobility space and by the acquisition of the stake in Meru, the company will enter the corporate shared mobility space which is an area of strategic interest to the company.”

Meru is one of the first radio taxi operators in the ride-hailing segment in India. It provides metered radio taxi services in the cities of Delhi, Mumbai, Bangalore and Hyderabad since April 2007. V-Link Automotive Services, a Meru subsidiary, provides radio taxi services and tourist cab services in various cities of India. It operates a large fleet across India supported by a 24×7 call center and advanced GPS, GPRS-based cab dispatching service, quick cab bookings through its mobile application and website.

Earlier in February 2018, Mahindra & Mahindra (M&M) has announced its plan to invest in Zoomcar India and in Zoomcar Inc, its US incorporated holding parent company, in line with the automaker’s thrust on the shared mobility business. Under the deal, the Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc, which would constitute approximately 16 percent stake in Zoomcar Inc.

The past month has seen Mahindra domestic sales dip 26 percent.

Read More Here: Mahindra MD Fears Dealers May Go Bankrupt Due To Car Sales Slump

The company did sell only 33,564 units in the past month as against 45,373 units sold in August 2018. Exports have also dipped 15 percent to 2,521 units as the company reported as the Automobile Industry plunged to worst sales figure of the last two decades in July

Maruti Suzuki cuts 3,000 contract jobs due to decline in auto sales

Tags: anand mahindramahindra and mahindra sharemahindra companymahindra groupmahindra logomahindra scorpiomahindra tharmahindra tuv300Meru Cabs Offersmeru partner app
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Saurav Bhagat

Saurav Bhagat

Saurav Bhagat is an experienced digital marketer and SEO Trainer from New Delhi, India. Saurav is inclined towards brands and brand story-telling from the past half a decade. His interest in startups has made him an immense member of the NBB Family from its very early days. Saurav loves Chai and writes his day to day experiences on Quora and Yuvagasm Media too. He believes in the power of storytelling for a Brand and also in general. He often says- "Stories are powerful enough to build and erase empires and generations!"

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