New Delhi, Oct 31 (SocialNews.XYZ) The Competition Commission of India (CCI) has approved Hyundai Motor Company (HMC) and Kia Motors Corporations (KMC) 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.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz