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, which owns cab-hailing unicorn Ola.
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 stated.
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