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Hyundai, Kia to take minority stake in Ola's electric vehicle arm

Hyundai Motor Co. and Kia Motors Corp. are proposing to pick up a minority stake in Ola Electric Mobility Pvt Ltd., the electric vehicle arm of India's ANI Technologies Pvt. Ltd., The Times of India reported Sept. 16, citing a filing with the Competition Commission of India.

The move comes about six months after the South Korean carmakers pledged to invest $300 million in cab-hailing service Ola as part of a deal to co-develop solutions for the Hyundai Group's fleet of electric vehicles and to jointly establish charging stations in India.

The newspaper reported that the latest proposal comes after India aims to shift to electric vehicles.

Ola Electric already secured a $250 million investment from SoftBank Vision Fund LP in July, raising its valuation at over $1 billion. The unit also counts Tiger Global Management LLC, Matrix Partners India Advisors LLP and Rnt Associates Pvt. Ltd. among its backers.