Mahindra Group Acquires 57% Stake In Meru Cabs For Rs. 98 Crore, Now Fully Owns Company
Mahindra and Mahindra has announced that it has entered into definitive agreements with shareholders of Meru Cabs to buy their respective stakes in the company. M&M would acquire 44.14% shares from private equity investor True North and others for Rs 76.03 crores. With this, M&M will be able to enhance its current shareholding in Meru from 43.20% to a full 100%. Mahindra and Mahindra already had a 43% stake in Meru, and full ownership over the company will fit in nicely with its existing businesses. Mahindra and Mahindra manufactures cars, so owning a cab fleet can help it not only put those cabs to use, but also utilize efficiencies.