M&M to sell its entire stake in Meru Travel Solutions to Mahindra Logistics

Mahindra & Mahindra announced that the company, Mahindra Logistics (MLL) (subsidiary of the company), Meru Travel Solutions (MTSPL) (wholly owned subsidiary of the company) and its three subsidiaries have entered into a share purchase agreement whereby:

a) MTSPL has agreed to sell its entire stake i.e. 100% of the paid up equity share capital of Meru Mobility Tech (MMTPL), V-Link Fleet Solutions (VFSPL) and V-Link Automotive Services (VASPL), wholly owned subsidiaries of MTSPL, to MLL; and

b) The company has agreed to sell its entire stake i.e. 100% of the paid up equity share capital of MTSPL to MLL.

Upon completion of the above :

a) MMTPL, VFSPL and VASPL would cease to be wholly owned subsidiaries of MTSPL and would become wholly owned subsidiaries of MLL;

b) MTSPL would cease to be a wholly owned subsidiary of the Company and would become a wholly owned subsidiary of MLL; and

c) Since MLL is a subsidiary of the Company, MTSPL, MMTPL, VFSPL and VASPL would continue to remain subsidiaries of the Company.

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