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  • The agreement, valid for a period of three years, is a first of its kind agreements in Delhi and is likely to hasten the adoption of EVs in the city.

    The winds of change driven by tech have become a storm of transformation. Change is neither new nor unique.

    Ola is looking at listing on Indian bourses in the next 18-24 months, and profitability would be an important criteria for the process. Ola can get listed on the BSE and NSE either directly or via Securities and Exchange Board of India-regulated IGP for SMEs and startups.

    India has been actively pushing for a shift to electric vehicles in its pursuit to bring down oil imports and curb pollution. The intent is to electrify all new vehicles by 2030 and the government is asking auto manufacturers to draw up plans for that, in line with its commitment to the Paris Climate Change Treaty.

    In addition, ICE ( internal combustion engine) vehicles will also co-exist and will not be phased out. Compare this to his bold announcement a couple of years prior of India’s automobile industry needs to go all electric by the year 2030, an announcement which sent auto OEMs back to the drawing board as they scrambled to put in place their respective EV blueprints.

    "The Commission approved the proposed combination subject to the carrying of modifications proposed by Hyundai Motor Company and Kia Motors Corporation," the CCI said. The proposed transaction does not give rise to any competition concerns.

    Advent International, Blackstone, Carlyle, General Atlantic, SoftBank tapping managers for leadership roles. In the past few years, PE funds have preferred to invest in ventures where they get controlling stakes. This helps them to have greater control over operational aspects of the company.

    Valued at around $6 billion, Ola plans to go public in around two to three years and being profitable before filing for an IPO is a desirable situation.

    Both Ola and Uber declined comment on the development. The tender is likely to be floated in January 2020, around the time when foreign automakers such as BMW are expected to launch their electric cars in India. Currently, Hyundai's Kona is the only car present in the premium electric car segment.

    The CCI had initially deemed the deal as invalid after ANI Technologies failed to provide details of the impact of the proposed combination on competition in the ride-hailing space. A modified proposal was then filed in September.

    Ola aims to raise capital separately for the independent entity and will pit it directly against larger rivals like Paytm, Google Pay, PhonePe. Short-term credit, mobile wallet, insurance and utility bill payments are some of the services housed under Ola Money.

    The deal also comes after Ola Electric Mobility saw its valuation jump to $960 million in July from $250 million in February when it raised capital from Softbank Vision Fund.

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