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Mahindra & Mahindra to hike stake in Meru

Capital Market 

From 43.20% to 100%

Mahindra & Mahindra announced that it has entered into definitive agreements with shareholders of Meru Travel Solutions (Meru) to buy their respective stakes in Meru.

It would acquire 44.14% shares from Private Equity investor, True North and others for an amount not exceeding Rs. 76.03 crores and 12.66% shares from Neeraj Gupta and Farhat Gupta, for an amount not exceeding Rs. 21.63 crore. With this arrangement, M&M will enhance its current shareholding in Meru from 43.20% to 100%.

Neeraj Gupta, founder CEO and Whole Time Director of Meru and its subsidiary company Meru Mobility Tech and Director of two other Meru subsidiaries - V-Link Automotive Services and V-Link Fleet Solutions will be stepping down effective close of business hours of 30 April 2021. He will continue as an employee until 30 June 2021.

Pravin Shah, who was earlier President Automotive, M&M till March 2017 will be the CEO of Meru and its subsidiary companies, with effect from 01 May 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, May 01 2021. 14:35 IST