Mumbai (Maharashtra) [India], May 1 (ANI): Mahindra & Mahindra Ltd has entered into definitive agreements with shareholders of Meru Travel Solutions to buy their respective stakes in the ride-sharing company.
It will acquire 44.14 per cent shares from private equity investor TrueNorth and others for Rs 76.03 crore, and 12.66 per cent shares from Neeraj Gupta and Farhat Gupta for Rs 21.63 crore.
With this arrangement, M&M will enhance its current shareholding in Meru from 43.2 per cent to 100 per cent, the company said in a statement.
Pravin Shah, who was earlier President for automotive division at M&M till March 2017, is the CEO of Meru and its subsidiary companies from Saturday.
Meru Cabs was founded in 2006. It has a significant presence in the airport transfer business, operating in the ride-hail segment and providing employee transportation services to corporates in the country.