Bhavish Aggarwal denies Ola and Uber merger talks
- ByStartupStory | July 30, 2022
Ola CEO and Founder Bhavish Aggarwal have denied media claims that the firm is in negotiations with Uber regarding a possible merger. Bhavish Aggarwal stated in a tweet that Ola is highly lucrative and developing well and that other firms are welcome to abandon their operations in India. “This is complete nonsense. We’re extremely lucrative and rapidly expanding. Other corporations are welcome to withdraw their operations from India. We would never combine,” he declared in response to a media claim that the cab aggregator platform was in discussions to merge.
Ola Electric struck a deal with the Ministry of Heavy Industries on Thursday to produce advanced batteries in India under the production-linked incentive (PLI) program. Ola Electric seems to be the only Indian EV firm to have been chosen by the government under its grandiose Rs 80,000 crore cell PLI project, with their bid earning the maximal capacity of 20 GWh in March.
“Today, China accounts for 90% of global cell production capacity, and reversing this import reliance requires domestically created cell technology.” According to a press release, Bhavish Aggarwal stated, “The ACC PLI plan would be important in making India self-sufficient and localizing the most critical components of the EV value chain.” “At Ola, our strategy to expand cell technology & manufacturing is rapidly moving, transforming us into a stronger vertical integration mobility company across products, mobility services, and technology,” he said.
Ola just launched NMC 2170, India’s first indigenously made lithium-ion cell, and is aggressively investing in core research & development to generate indigenous advanced cell technologies. (ANI)
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