Mahindra Logistics Ltd. (MLL) today announced acquisition of Meru Cabs, a ridesharing company from its parent Mahindra & Mahindra (M&M).
Meru Travel Solutions Private Limited (MTSPL) or Meru Cabs, founded in 2006, will be part of MLL along with three of its subsidiaries---- Meru Mobility Tech Private Limited, V-Link Fleet Solutions Private Limited and V-Link Automotive Services Private Limited.
The third party logistics company, MLL is a 58.34 percent subsidiary of M&M.
With this acquisition, MLL will be able to consolidate and expand its business in the enterprise mobility space.
MLL is already into Enterprise Mobility Service (ETMS) business and operates under the ‘Alyte’ brand, it said in a release.
“The acquisition complements our mobility services portfolio with an expansion in airport ride-hailing and on-call services. We anticipate significant synergies by leveraging the combined capabilities in supply, technology management and Electric mobility. 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 a promise of safety, customer excellence & sustainability,” Rampraveen Swaminathan, managing director and chief executive officer at Mahindra Logistics Ltd was quoted as saying.
Today, Meru has significant presence in the airport ride hailing segment and provides on-call and employee mobility services to corporates in India, said MLL release.
Shares of Mahindra Logistics today ended at Rs 706.10 per share, up 0.31 percent from Monday’s close on BSE, while shares of Mahindra & Mahindra (M&M) ended at Rs 893 per share, up 3.92 percent from previous close.
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