Business Autos 18 Jan 2020 M&M subsidiary t ...

M&M subsidiary to acquire e-com market platform Fifth Gear Ventures

PTI
Published Jan 18, 2020, 6:23 pm IST
Updated Jan 18, 2020, 6:23 pm IST
MFCWL has signed a share purchase agreement to acquire fully FGVL, in one or more tranches.
Mahindra & Mahindra (M&M) on Saturday said its subsidiary has inked a pact to acquire Fifth Gear Ventures Ltd, which operates an e-commerce market platform, for up to Rs 30.45 crore. (Photo:File)
 Mahindra & Mahindra (M&M) on Saturday said its subsidiary has inked a pact to acquire Fifth Gear Ventures Ltd, which operates an e-commerce market platform, for up to Rs 30.45 crore. (Photo:File)

New Delhi: Mahindra & Mahindra (M&M) on Saturday said its subsidiary has inked a pact to acquire Fifth Gear Ventures Ltd, which operates an e-commerce market platform, for up to Rs 30.45 crore.

Mahindra First Choice Wheels Ltd (MFCWL), a subsidiary of the company, has signed a share purchase agreement to acquire fully Fifth Gear Ventures Limited (FGVL), in one or more tranches, M&M said in a regulatory filing.

 

Upon acquisition of the stake, FGVL would become a subsidiary of MFCWL, it added.

Acquisition is to be completed by March, 31, 2020, the auto major said.

"MFCWL is acquiring FGVL with the objective of expanding its presence in the digital automotive space and seamlessly integrating the online and offline user experience," M&M said.

Incorporated in September, 2015, FGVL is engaged in the business operating the website ''www.carandbike.com", an e-commerce market platform that facilitates sale and purchase of new and used vehicles and

keeps its users updated with the latest information and reviews from automotive sector.

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Location: India, Delhi, New Delhi




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