Mumbai/IBNS: Mahindra and Mahindra Ltd has acquired 100 per cent stake in Meru Travel Solutions limited with the aim to expand its presence in the mobility service sector, according to media reports.
The indian automaker purchased 44.14 per cent shares from private equity investor- True North and others for an amount of Rs 76.03 crores and 12.66 per cent from Neeraj Gupta and Farhat Gupta for Rs 21.63 crores, said a report in Car and Bike.
Pravin Shah, who headed Automotive- Mahindra till March 2017, will be the CEO of Meru.
Anish Shah, MD and CEO, Mahindra Group said, "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."
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