On Wednesday the Competition Commission (CCI) said it has approved the acquisition of shares by $300 million investment by Hyundai Motor and Kia Motors in ANI Technologies and Ola Electric.
With the partnership, most of the new investment will be infused into ANI Technologies. Furthermore, Hyundai and Kia will take a minority stake in Ola Electric. According to reports, this investment round may also witness participation from Microsoft and Korean funds.
“The Commission approved the proposed combination subject to the carrying of modifications proposed by Hyundai Motor Company and Kia Motors Corporation,” The Competition Commission of India (CCI)
The deal was officially initiated in March 2019 and it allows the companies to collaborate to build India-specific electric vehicles (EV) and infrastructure. When the application was initially sent to CCI for approval, the statutory body asked ANI Technologies to define “competitive landscape” for EV and their use in cab-hailing services.
ANI Technologies provides radio taxi services under the name of Ola in India. Further, ANI Technologies, through its supplementary Ola Fleet Technologies is also engaged in operational leasing. Ola Electric provides, on the other hand, provides charging infrastructure services for electric vehicles in India.