News

October 31, 2019

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


[ by Legal Era News Network ]

OLA

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.

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