Kia, Hyundai's $300 mn funding in Ola, Ola Electric gets CCI approval
NEW DELHI : 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, which operates ride-sharing company Ola and Ola Electric, under the Competition Act, 2002.
"The commission 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," the CCI said in a statement on Wednesday.
The two companies -- HMC and KMC -- are a part of the Hyundai Motor Group (HMG), engaged in manufacturing and distribution of automobiles, automobile parts and accessories, after-sales service, research and development of automotive engineering across the world.
In India, HMC primarily operates through its subsidiary Hyundai Motors India, while KMC operates through its subsidiary Kia Motors India Private Limited.