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Indus for Mahindra in $28m buy of Meru Cabs from Pioneer’s True North

After picking up a significant stake in Zoom car, Mahindra & Mahindra has picked up a majority 55% stake in Meru cabs for a cash consideration of Rs 201 crore in a bid to participate in the growing shared mobility space. The first tranche of investment will be made in October of 2019, the company announced to Bombay Stock Exchange on Saturday night.

The Economic Times

The first tranche of the deal, of a 36.63% shareholding, had been completed on 5 December, according to reports.

IndusLaw advised Mahindra and Mahindra Limited led by a team of senior partner Suneeth Katarki, partner Winnie Shekhar, and associates Ankita Gupta, Rahul Tiwari and Nishihi Shah.

Pioneer Legal advised selling shareholder True North Managers LLP and True North Trusteeship Private Limited, as the trustee of True North Fund III-A and True North Fund IV, led by a team of partner Satish Kishanchandani, partner Narendra Dingankar, counsel Shoubhik Dasgupta, and associate Eishan Agnihotri.

In October, Mahindra’s in-house team had handled an M&A transaction with Ford primarily in-house, assisted by Khaitan & Co and Cyril Amarchand Mangaldas on due diligence and competition law, respectively.


Deal value: Rs 201 crore

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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