M&A

M&A

Mahindra Logistics acquires Meru Cabs from parent M&M for Rs.1,306-Cr

Press Release  

Mahindra Logistics Ltd (MLL) has acquired 100% equity capital of taxi operator Meru Cabs from its parent, publicly listed Mahindra & Mahindra (M&M). The all-cash deal size is INR 1,305.9 crore and includes stake buys of the three arms of Meru Travel Solutions Pvt Ltd (MTSPL). The deal is expected to be completed by December. MTSPL or Meru Cabs, founded in 2006, will be part of MLL along with three of its subsidiaries — Meru Mobility Tech Pvt Ltd, V-Link Fleet Solutions Pvt Ltd and V-Link Automotive Services Pvt Ltd. MLL, which is a third-party logistics company, is a 58.34 % subsidiary of M&M. With this acquisition, MLL will be able to consolidate and expand its business in the enterprise mobility space where MLL operates under the ‘Alyte' brand. Meru has a significant presence in the airport ride-hailing segment and provides on-call and employee mobility services to corporates in India. It operates across 24 cities.