M&M Subsidiary To Acquire E-Commerce Market Platform Fifth Gear Ventures
Mahindra & Mahindra Ltd. 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., a subsidiary of the company, has signed a share purchase agreement to acquire fully Fifth Gear Ventures Limited., in one or more tranches, M&M said in an exchange filing.
Upon acquisition of the stake, Fifth Gear Ventures would become a subsidiary of Mahindra First Choice Wheels, it added. The acquisition is to be completed by March 31, 2020, the auto company said.
Mahindra First Choice Wheels is acquiring Fifth Gear Ventures with the objective of expanding its presence in the digital automotive space and seamlessly integrating the online and offline user experience.M&M’s Exchange Filing
Incorporated in September 2015, Fifth Gear Ventures is engaged in the business operating the website 'www.carandbike.com", an e-commerce market platform that facilitates the sale and purchase of new and used vehicles and keeps its users updated with the latest information and reviews from the automotive sector.