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ICICI Securities Report
Mahindra Logistics Ltd. has announced the acquisition of Meru. The deal consists of:
acquisition of 100% equity share capital of Meru Mobility Tech Pvt. Ltd., V-Link Fleet Solutions Pvt. Ltd. and V-Link Automotive Services Pvt. Ltd. from Meru Travel Solutions Pvt. Ltd. – these are wholly owned subsidiaries of Meru Travel Solutions and
acquisition of 100% equity share capital of Meru Travel Solutions from Mahindra and Mahindra Ltd.
The total consideration (cash) is ~Rs 1 billion. Management expects this acquisition to boost Mahindra Logistics' enterprise mobility business, with a strategic focus on enterprise customers and electric mobility.
As per Ministry of corporate affairs, Meru Travel Solutions' top line has steadily declined from Rs 3.95 billion in FY16 to ~ Rs 443 million in FY21, and it has never reported a profit.
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