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CCI approves Hyundai and Kia's acquisition of shareholding in Ola

In March this year, Hyundai and Kia had said they would invest $300 million in Bengaluru-based Ola

Ola cabs, Ola electric vehicles
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Peerzada Abrar Bengaluru
Fair trade regulator Competition Commission of India (CCI) on Wednesday said that it had approved Hyundai Motor Company (HMC) and Kia Motors Corporation’s (KMC’s) acquisition of shareholding in ANI Technologies Private Limited (ANI), the parent company of ride-hailing firm Ola, and its electric vehicle arm Ola Electric Mobility Private Limited (OEM). This approval came under Section 31(1) of the Competition Act, 2002.

The proposed combination relates to HMC and KMC’s acquisition of equity stake in ANI and OEM.

In March this year, Hyundai and Kia had said they would invest $300 million in Bengaluru-based Ola. The partnership was expected to help Ola

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First Published: Oct 30 2019 | 8:26 PM IST

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