Mahindra & Mahindra Acquires Meru Cabs Fully With A Fresh Investment Of Rs. 98 Crore

Mahindra & Mahindra Acquires Meru Cabs Fully With A Fresh Investment Of Rs. 98 Crore [ad_1]

Mahindra has plans to develop its attain within the mobility service enterprise with the most recent acquisition. Pravin Shah will take cost of Meru as the brand new CEO. Shah was earlier President Automotive – Mahindra until March 2017.


Mahindra and Mahindra has now acquired 100 per cent of Meru Cabs
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Mahindra and Mahindra has now acquired 100 per cent of Meru Cabs

Mahindra and Mahindra Ltd has elevated its stakes in Meru Travel Solutions restricted by buying 44.14 per cent shares from personal fairness investor- True North and others for an quantity of ₹ 76.03 crores and 12.66 per cent from Neeraj Gupta and Farhat Gupta for ₹ 21.63 crores. With this new acquisition, Mahindra has fully acquired Meru taking its stakes to 100 per cent. The Indian automaker has plans to develop its attain within the mobility service enterprise with the most recent acquisition. Pravin Shah will take cost of Meru as the brand new CEO. Shah was earlier President Automotive- Mahindra until March 2017.

Also Read: Mahindra Appoints Dr. Uli Stuhec as VP And Head Of Global Born Electric Platform

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Meru cabs additionally began with sanitised cabs service put up COVID-19 outbreak.

(*98*) on the acquisition, Anish Shah, MD and CEO, Mahindra Group stated, “At the outset, I would like to thank Neeraj Gupta and the team at Meru for building a pioneering brand in the shared mobility space in India. Our association with Meru is built on our compelling strategy to scale our shared mobility businesses. Pravin has agreed to take this critical responsibility of the business and to develop sustainable and scalable business strategies.”

Also Read: Mahindra XUV700 Added To The Company’s Official Website

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Meru Cabs was based in 2006.

Neeraj Gupta, Founder CEO and Whole Time Director- Meru stated, “The last two decades in the mobility industry, building Meru to become a household name in the country has been exhilarating. The time is right for me to pursue newer interests and handover Meru in the safe hands of the Mahindra Group, one of the finest corporate houses in the country. Under the able leadership of Dr. Anish Shah, I am confident that Meru will rise to greater heights in the times to come.”

Also Read: Mahindra Rolls Out Discounts Of Up To ₹ 3.06 Lakh This Month

mahindra electric meru tie up

Mahindra Electric has earlier tied up with Meru to produce e-Veritos.

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Meru Cabs was based in 2006 and was one of many pioneers within the cab aggregator enterprise. It began the pattern on cab reserving over telephone and offering AC cab service at your step. Meru has additionally been introducing electrical autos in its fleet and has a large operation community at airports in a number of cities and worker transportation enterprise. The firm won’t solely assist Mahindra to faucet a brand new sector, but additionally will facilitate sooner EV adoption in fleet enterprise.

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