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Antitrust Panel Questions Hyundai-Ola Deal
India’s antitrust commission has challenged Hyundai Group’s 6-month-old plan to invest $300 million in Ola Cabs, the country’s largest ride-hailing service.
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India’s antitrust commission has challenged Hyundai Group’s 6-month-old plan to invest $300 million in Ola Cabs, the country’s largest ride-hailing service.
The panel has rejected an operating license application from Ola’s parent, Bengaluru-based ANI Technologies Pvt. Ltd. The underlying concern is about the competitive impact of a carmaker investing in a ride-hailing company, a source tells the financial news website Moneycontrol.com.
The website says ANI refiled a more detailed application last month, but the outcome isn’t clear. Hyundai reportedly hopes to help Ola drivers use its Kona small electric cars.
Ola was launched in 2010 and has raised $3.3 billion in funding to date. The company, whose other investors include Softbank and Tencent, has a market value of $5.7 billion.
Three years ago Mahindra & Mahindra Ltd. partnered with Ola in a non-investment deal to offer Ola drivers discounts on Mahindra Verito cars.
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