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Softbank says price and shareholding will determine deal with Uber

Rajeev Misra of Softbank emphasised that by no means is the investment decided

Press Trust of India  |  New Delhi/New York 

Uber will adopt a policy of one share, one vote and has also set a deadline for the closely held company to go public in the next two years	photo: reuters

SoftBank has said its investment deal with cab-hailing app is yet to be decided and will depend on the and a minimum percentage offered to the Japanese conglomerate.

has entered into an agreement with a consortium led by SoftBank and Dragoneer to explore a potential investment that some reports suggest could be worth of up to $10 billion.

and SoftBank Director, Rajeev Misra emphasised that "by no means is our investment decided".

"We are interested in Uber, but the final deal will depend on the and a minimum percentage for SoftBank," he said in a statement.

Misra noted that and its shareholders had agreed to commence with a tender process and engage with SoftBank after a "long and arduous process of several months".

In a separate statement, Uber said if conditions on share price and minimum shares are not "satisfactory" for the SoftBank group, "there is a possibility" that it may not make an investment.

Uber had said funds from SoftBank, subject to the closure of the deal, would help the US-based startup fuel investments in technology and expansion in its home market as well as other countries.

If the deal materialises, SoftBank would be an investor in two of India's largest on-demand cab service — Uber and

Interestingly, and Uber are locked in an intense battle for leadership in the Indian market. Both have pumped in millions of dollars towards rider discounts and driver incentives.

For Uber, is one of its largest markets where it has seen strong growth. It saw the number of completed trips on its platform grow to 41.3 million in July this year, from 19.2 million in July 2016, a jump of 115 per cent.

However, the world's most funded startup has also had its share of troubles in the Indian market.

The company was temporarily banned in New Delhi after one of the drivers on its platform allegedly raped a woman passenger in 2014.

In a recent development, its Head of Public Policy (and South Asia) Shweta Rajpal Kohli has resigned from the company. In her role, she was responsible for Uber's relations with policymakers, regulators and government officials. She had joined the organisation last year.

First Published: Tue, November 14 2017. 13:23 IST