 "CCI nod for Ola investments by Temasek, Warburg Pincus, founder Bhavish")
Competition Commission has given its nod for the proposed investments worth USD 500 million in ride-hailing platform Ola by Temasek, Warburg Pincus and Ola founder Bhavish Aggarwal.
ANI Technologies Private Limited offers taxi and auto rickshaw aggregation services under the brand name 'Ola'.
The Competition Commission of India (CCI) has approved acquisition of shares by MacRitchie Investments (Temasek), Fort Canning Investments, Plum Wood Investment Limited (Plum Wood) and certain voting rights by Bhavish Aggarwal in ANI Technologies, according to two releases issued on Friday.
MacRitchie is an investment holding company and is a subsidiary of Temasek Holdings (Private) Limited. Singapore-based Temasek is an investment company. Fort Canning is also an investment holding company.
Plum Wood is also an investment holding company and its shareholders are certain private equity funds managed by Warburg Pincus LLC. The latter, headquartered in New York, acts as a manager to certain private equity funds.
On July 9, Ola announced that Temasek, Warburg Pincus and Aggarwal have invested USD 500 million (about Rs 3,733 crore), ahead of its proposed IPO.
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This is among the largest investments in the Indian consumer internet space by these funds, a statement had said.
Deals beyond a certain threshold require approval of CCI.
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers services in India, Australia, New Zealand and the UK.