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Firms/companies > M > Mahindra & Mahindra 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 Farh...

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 si...

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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 cror...