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

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.

The 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

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