Mahindra & Mahindra (M&M) has signed a Share Subscription and Shareholder Agreement for subscribing upto 55% of the equity share capital of Meru Travel Solutions in tranches. In terms of the said Agreement, after investment of the first tranche in Meru, the Company will have the right to appoint majority of the Directors on the Board of Meru and as such will control the composition of the Board of Directors of Meru.
Upon obtaining such right, Meru will become a subsidiary of the Company, and Meru Mobility Tech, V-Link Automotive Services and V-Link Fleet Solutions, the subsidiary companies of Meru, will in turn, also become subsidiaries of the Company.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.