Mumbai: Homegrown utility vehicles major Mahindra & Mahindra (M&M) on Thursday said it has completed acquisition of 36.63% stake in Meru Travel Solutions in the first tranche as part of its Rs 201.5-crore deal to acquire 55% shareholding in the radio taxi operator.
In September M&M had announced signing of a share subscription and shareholder agreement for subscribing up to 55% of equity share capital of Meru Travel Solutions Pvt Ltd in tranches.
M&M said it "has invested an amount of Rs 44.71 crore (in cash consideration) for the acquisition of 36.63% of the equity share capital of Meru".
Consequently, Meru has become a subsidiary of the company with effect from December, 5 2019.
Also subsidiary companies of Meru -- Meru Mobility Tech Pvt Ltd, V-Link Automotive Services Pvt Ltd, V-Link Fleet Solutions Pvt Ltd -- have in turn become subsidiaries of M&M, it added.
For the year ended March 31, 2019, Meru had consolidated revenue of Rs 156.6 crore, while Meru Mobility Tech had a standalone revenue of 114.6 crore.
