Ola founders seek CCI nod for hiking stake in cab aggregator

MacRitchie Investments is an indirectly wholly-owned subsidiary of Singapore-based investment company Temasek Holdings.

Ola founders seek CCI nod for hiking stake in cab aggregator
Ola founders seek CCI nod for hiking stake in cab aggregator, Image source:Reuters
By PTI
Updated: Fri, Sep 07, 2018
06:33 pm
New Delhi, PTI
RELATED NEWS
To compete with Uber, Ola raises over Rs 1,600 crore in fresh funding from SoftBank To compete with Uber, Ola raises over Rs 1,600 crore in fresh funding from SoftBank
Ola likely to raise funds at 40% lower valuation Ola likely to raise funds at 40% lower valuation
Ola brings BMW to its platform; rides begin at Rs 250 Ola brings BMW to its platform; rides begin at Rs 250
Ola launches auto-rickshaw service in Thane Ola launches auto-rickshaw service in Thane

Founders of Ola, Bhavish Aggarwal and Ankit Bhati, have sought CCI approval for increasing stake in ANI Technologies, which owns the cab aggregator.

The acquisition will be made through Lazarus Holdings, which is incorporated in Singapore, and is a special purpose vehicle which will be used as an investment holding company.

"The proposed combination pertains to the indirect acquisition of less than 10 per cent of the share capital of ANI by Ankit Bhati, Bhavish Aggarwal and MacRitchie through Lazarus from certain existing shareholders of ANI," a notice with the Competition Commission of India (CCI) said.

MacRitchie Investments is an indirectly wholly-owned subsidiary of Singapore-based investment company Temasek Holdings.

According to reports, Temasek has invested over USD 200 million in the Bengaluru-based company.

Watch Zee Business video here:

 

Ola, which competes against US-based Uber counts among its investors names like Softbank, Tiger Global, Tencent and Sequoia Capital, among others Mergers and acquisitions beyond a certain threshold require the approval of the CCI.