Mahindra Logistics zooms on acquiring Meru
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Mahindra Logistics is currently trading at Rs. 674.95, up by 18.55 points or 2.83% from its previous closing of Rs. 656.40 on the BSE.
The scrip opened at Rs. 659.90 and has touched a high and low of Rs. 677.65 and Rs. 659.90 respectively. So far 1854 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 819.15 on 30-Aug-2021 and a 52 week low of Rs. 406.00 on 05-Jan-2021.
Last one week high and low of the scrip stood at Rs. 688.35 and Rs. 650.05 respectively. The current market cap of the company is Rs. 4842.88 crore.
The promoters holding in the company stood at 58.25%, while Institutions and Non-Institutions held 32.73% and 9.02% respectively.
Mahindra Logistics has acquired 100% equity share capital of Meru Mobility Tech (MMTPL), V-Link Fleet Solutions (VFSPL) and V-Link Automotive Services (VASPL) from Meru Travel Solutions (MTSPL). The company has also picked up 100% equity share capital of MTSPL from Mahindra & Mahindra (M&M). The acquisition is a strategic move to consolidate and expand Mahindra Logistics’s business in the enterprise mobility space. Upon completion of the said acquisitions, MMTPL, VASPL, VFSPL and MTSPL (Meru Companies) will become wholly-owned subsidiaries of the company and would continue to remain subsidiaries of M&M.
Meru Cabs, a ridesharing company founded in 2006, revolutionized the way people travelled in cabs by offering AC cabs at their doorstep with a single call. Today, Meru has a significant presence in the airport ride hailing segment and provides on-call and employee mobility services to corporates in India. Meru also has a large number of electric vehicles in their fleet.
The addition of Meru under its brand, will further strengthen Mahindra Logistics’s mobility business. The company is already a leader in its Enterprise Mobility Service (ETMS) business, which operates under the ‘Alyte’ brand. With this acquisition, the company will enhance its range of mobility solutions with strategic focus on enterprise customers and electric mobility.
Mahindra Logistics provides logistics solutions, warehousing facilities, freight forwarding and supply chain management services. It also provides people transport solutions, a specialised line of business which helps corporate clients move employees to and from the workplace.
