Mumbai, Sept. 6 -- Mahindra and Mahindra Ltd (M&M) has agreed to buy a 55% stake in ride-hailing firm Meru Cabs, expanding the automaker's presence in the growing market for shared mobility. M&M will pay up to '103 crore for acquiring the stake which will be done through an issue of new shares. In a stock exchange filing on 31 August, M&M also said that it has an option to buy the remaining 45% stake in Meru from existing investors for up to '98 crore. M&M said it will make the first tranche of investment in Meru Travel Solutions Pvt. Ltd by the end of October. "After investment of the first tranche in Meru, the company will have the right to appoint a majority of the directors on the board of Meru and as such will control the composition o...