Hyundai and Kia Motors to buy stake in India’s Ola Electric

India has announced a slew of waivers in its push to increase the ownership of electric vehicles.

Source: Screenshot from Ola iOS App Store.

South Korean automakers Hyundai and Kia Motors are getting their hands on India’s mobility sector by exploring to acquire stakes in Bengaluru-based Ola Electric Mobility, and its parent company ANI Technologies that owns cab-hailing unicorn Ola. The details of the transaction are not known yet, according to local media.

Hyundai and Kia Motors have approached India’s antitrust body Competition Commission of India (CCI) to get its approval for the deal. All major investments and mergers between two big companies in India need CCI’s approval.

“It is submitted that the Parties believe that the Proposed Transaction does not give rise to any competition concerns regardless of the relevant market defined for the purpose of this filing,” the filing by the automakers said.

Ola Electric, which was valued at over one billion dollars earlier this year, is a subsidiary of ANI Technologies and was forked out of Ola as a separate entity last year to ride with India’s electric vehicles tide. The firm focuses on electric vehicles and builds infrastructure around it.

In March this year, Ola Electric entered into a strategic partnership deal with Hyundai and Kia Motors to raise USD 300 million where the auto-makers would make electric vehicles and infrastructure suited for Indian roads.

Ola’s biggest investor SoftBank also put in USD 250 million in Ola Electric earlier in July this year. SoftBank has been one of the most actively outside investors looking for mobility opportunities in the south Asian country.