Mahindra fully acquires Meru Cabs

MAHINDRA FULLY acquired the app-based cab service Meru Cabs after it finalized a deal to raise its stake to 100 per cent from its earlier 43.20 per cent stake in the company. To buy out the stakes, Mahindra and Mahindra will spend around Rs 98 crore. Mahindra will acquire 44.14 per cent shares from private equity investor True North and others for Rs 76.03 crore. Besides this, it will also buy 12.66 per cent shares from the founders Neeraj Gupta and Farhat Gupta for Rs 21.63 crore.