Mahindra & Mahindra has acquired 55 pc of the Equity Share Capital of Meru Travel Solutions Private Limited, according to news reports. The companies for this purpose have signed a Share Subscription and Shareholder Agreement. Meru Mobility Tech Private Limited, a subsidiary of Meru, provides metered Radio Taxi Services in the cities of Mumbai, Delhi, Bangalore and Hyderabad.
After investment Mahindra will have the right to appoint majority of the Directors on the Board of Meru thus Meru and its subsidiaries including Meru Mobility Tech Pvt. Ltd, V Link Automotive Services Pvt. Ltd and V Link Fleet Solutions Pvt. Ltd will become units of the Automaker.
Mahindra’s investment in the company on one hand will help the ride hailing company grow and also fulfils the automaker’s aim to tap into the sharing and rental mobility space.
Source: Press Release