CCI okays Hyundai, Kia's stake buy in Ola Electric

The Competition Commission on Wednesday said it has approved the acquisition of shares by Hyundai Motor and Kia Motors in ANI Technologies and Ola Electric.

As per a notice, the transaction pertains to the acquisition of a minority equity stake in ANI Technologies and Ola Electric by Hyundai Motor and Kia Motors.

Fair trade regulator in a tweet said it "approves acquisition of shares in ANI Technologies and OLA Electric by Hyundai Motor and Kia Motors subject to compliance of modifications."

"The Commission approved the proposed combination subject to the carrying of modifications proposed by Hyundai Motor Company and Kia Motors Corporation," the Competition Commission of India (CCI) said in a release.

The proposed transaction does not give rise to any competition concerns, it added.

In India, ANI Technologies provides radio taxi services under the name of Ola. Further, ANI Technologies, through its subsidiary Ola Fleet Technologies, is engaged in operational leasing.

Ola Electric provides charging infrastructure services for electric vehicles in India.