October 31, 2019

CCI approves $300 million investment by Hyundai and Kia in ANI and OEM

[ by Legal Era News Network ]


Under the Competition Act, 2002, the Competition Commission of India (CCI) has approved a proposed $300 million investment by Hyundai Motor Company (HMC) and Kia Motors Corporations (KMC) for stake acquisition in ANI Technologies that operates Ola and Ola Electric.

ANI is a ride-sharing company that integrates city transportation for customers and driver partners onto an online platform ensuring convenient, transparent and quick service fulfillment. OEM is at a nascent stage of operations and envisages operating primarily in the electric vehicles value chain, with focus on the market for charging infrastructure.

The CCI approved the proposed combination, subject to carrying out of modifications proposed by HMC and KMC, under regulation 19(2) of the CCI (procedure in regard to the transaction of business relating to combinations) Regulations, 2011.

HMC and KMC are a part of the Hyundai Motor Group (HMG), engaged in the business of manufacturing and distribution of automobiles, automobile parts and accessories, after-sales service, research and development of automotive engineering across several countries in the world. In India, HMC primarily operates through its subsidiary Hyundai Motors India Limited. KMC operates through its subsidiary Kia Motors India Private Limited, in India.

Related Post

latest News

  • Supreme Court Collegium Transfers Madras High Court Chief Justice Vijaya Tahilramani To The Meghalaya High Court

    The Supreme Court collegium has decided to transfer Madras High Court Chief Justice Vijaya Kamlesh Tahilramani as chief justice of Meghalaya High Cour...

    Read More
  • Finance Ministry issues notification on special securities

    On November 8, the Budget Division, Department of Economic Affairs, Ministry of Finance, Government of India, issued a notification on the issue of (i...

    Read More
  • Former Additional Solicitor General of India Amarendra Sharan passed away

    Amarendra Sharan, Former Additional Solicitor General of India (ASG) passed away on the wee hours of 12 August 2019 in Rishikesh due to heart attack.

    Read More