Mahindra & Mahindra has agreed to buy a 55% stake in BCC-backed Meru Cabs for $14.5m, in a deal that could reach more than $28m in total.

Automotive manufacturer Mahindra & Mahindra has agreed to acquire a majority stake in Meru Cabs, a taxi service backed by media group Bennett, Coleman & Co (BCC), LiveMint reported on Sunday. The corporate will pay up to Rs 1.04bn ($14.5m) for 55% of the company‚Äôs shares, and has been given the option to buy additional…

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