The Competition Commission of India (CCI) has green-lighted a proposal from Korean carmakers Hyundai Motor Company and Kia Motors Corp to acquire a stake in ANI Technologies—the parent firm of ride-hailing platform Ola and Ola Electric Mobility (OEM)—for USD 300 million.
Under the agreement, the three companies will jointly develop fleet and mobility solutions to build India-specific electric vehicles (EVs) and infrastructure, creating vehicles designed specifically for Ola driver-partners.
The CCI’s approval comes after it initially rejected the deal in March, saying that ANI Technologies didn’t fulfill the regulator’s request to explain how the proposal would impact competition in India’s ride-hailing space. The companies filed a revised submission in September.
Ola aims to create over 2 million livelihood opportunities in the mobility ecosystem by 2022. This new partnership will offer Ola drivers various financial services, including lease and installment payments as well as vehicle maintenance and repair.
This article first appeared on Tech in Asia.