The CEO and founder of Ola, Bhavish Aggarwal, has denied media rumors that the business is in merger talks with Uber.
In a tweet, Bhavish Aggarwal stated Ola is highly lucrative and expanding well, and if any other companies want to pull their operations out of India, they are welcome to.
“Absolute nonsense Our business is flourishing and prosperous. Other businesses are welcome to withdraw their operations from India. Never would we combine, “He made this statement in response to a media report that said the platform that aggregates cabs was in merger talks.
On Thursday, Ola Electric and the Ministry of Heavy Industries signed a deal to localize the production of advanced cells in India under the Production-Linked Incentive (PLI) program.
The government’s ambitious Rs 80,000 crore cell PLI project only selected one Indian electric vehicle firm, Ola Electric. Ola Electric’s bid in March was awarded the maximum 20 GWh capacity.
“China now has 90% of the world’s cell manufacturing capacity, thus it is essential to use locally produced cell technology to reduce reliance on imports.
Making India independent and localizing the most important elements of the EV valuation would be made possible by the ACC NSE 2.14 percent PLI scheme “chain,” according to a release from Bhavish Aggarwal.
“At Ola, our roadmap to build cell technology and manufacturing is fiercely moving forward; making us a stronger vertically integrated mobility organization across – goods, mobility services, and tech,” he continued.
Ola just introduced the NMC 2170, the first lithium-ion cell made in India, and it is making significant investments in basic research and development to produce homegrown advanced cell technology.