Recently, Mahindra and Mahindra said it has inked a deal with shareholders of Meru to increase its stake to 100 percent in the ride-hailing service provider. The auto major said in continuation of its calculated goal to nurture its company in the shared mobility space, the company has entered into definitive agreements with shareholders of Meru Travel Solutions (Meru) to buy their respective stakes in the ride-hailing services provider.

M & M will acquire 44.14 percent shares from private equity investor True North and others for an amount not exceeding 76.03 crore and 12.66 percent shares from Neeraj Gupta and Farhat Gupta an amount not exceeding 21.63 crores.

Mahindra Group Managing Director and Chief Executive Officer (CEO) Anish Shah states, "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."

With M&M taking over, Neeraj Gupta, founder CEO and Whole Time Director of Meru and its subsidiary company Meru Mobility Tech Pvt Ltd, and Director of two other Meru subsidiaries - V-Link Automotive Services Pvt Ltd and V-Link Fleet Solutions Pvt Ltd will be stepping down effective close of business hours of April 30, 2021. He will continue as an employee until June 30, 2021.

Pravin Shah, former President Automotive, M & M till March 2017 will be the CEO of Meru and its subsidiary companies, with effect from May 1, 2021, the auto major noted. Meru Cabs, a ridesharing company founded in 2006 revolutionized the way people traveled in cabs by offering AC cabs at their doorstep with a single call. Currently, it has a significant presence in the airport transfer business, operating in the ride-hail segment and providing employee transportation services to corporates in India.