India’s largest third-party logistics solutions provider-Mahindra Logistics (MLL) on Tuesday announced the 100 percent equity capital acquisition of Meru Cabs, from its parent Mahindra & Mahindra (M&M).
Expected to be concluded by December this year, the all-cash deal estimated around Rs 1,305.9 crore includes stake buys of the three arms of Meru Travel Solutions Private Limited namely Meru Mobility Tech Private Limited, V-Link Fleet Solutions Private Limited, and V-Link Automotive Services Private Limited.
This acquisition open gates for MLL to consolidate and expand its business in the enterprise mobility space. In the enterprise mobility service (ETMS) business, MLL operates under the ‘Alyte’ brand, it said in a release.
“The combined capabilities of Meru and Alyte will enable us to better serve our B2C and enterprise customers with an expanded portfolio of services, delivering on the promise of safety, customer excellence, and sustainability,”Rampraveen Swaminathan, MD and CEO at Mahindra Logistics.
At present Meru is significantly used in the airport ride-hailing segment and provides on-call and employee mobility services to corporates in India, said an MLL release.
Launched in 2006, Meru connects people across 24 cities with its large fleet of well-maintained cars integrated with the latest technologies. Meru outstation covers over 7,000 destinations across Indian 100 cities with rides anchored by chauffeurs, specially trained for long drives. The cab firm has the largest electric fleet in India-more than 200 EVs.