Mahindra Logistics to complete Meru acquisition before end of May 2022; Stock soars over 3.5%

25 Feb 2022 , 09:18 AM

Mahindra Logistics Limited, one of India’s largest Third-Party Logistics solution providers, updated the exchanges Thursday that the closing requirements for the acquisition of Meru are still underway and the parties have now agreed to complete the said acquisitions before the end of May 2022.

During early trade on Friday, Mahindra Logistics Ltd was trading at Rs436 per piece up by Rs15.3 or 3.64% from its previous closing of Rs420.70 per piece on the BSE.

The company in November 2021 had announced that the company had entered into a Share Purchase Agreement to acquire 100% equity share capital of Meru Mobility Tech Private Limited, V-Link Fleet Solutions Private Limited, and V-Link Automotive Services Private Limited from Meru Travel Solutions Private Limited (MTSPL) and 100% equity share capital of MTSPL from Mahindra & Mahindra Limited (M&M) Limited, Holding and Promoter Company of the Company, before end of February 2022.

“The closing requirements are still underway and the parties have now agreed to complete the said acquisitions before end of May 2022. The acquisition is a strategic move to consolidate and expand MLL’s business in the enterprise mobility space,” company said in a filing on Thursday.