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Mahindra acquires 55% stake in Meru cabs; keen to grow its presence in shared mobility space

Mahindra & Mahindra wants to grow its presence in shared mobility space with the move of acquiring a 55% stake in Meru cabs for Rs 201.5 crore. Of which, Rs 103.5 crore would be a primary investment for equity by a fresh issue of shares for a stake up to 55%. The company will also enter the corporate shared mobility space, which is of strategic interest to it. Meru will become a subsidiary of Mahindra.