CNBC TV-18
Japanese conglomorate SoftBank is considering a merger of Ola and Uber in India, CNBC TV18 reported.
SoftBank and Ola have been pursuing Uber India for a merger between the two cab aggregators.
The talks have been on for around 12 months, sources from SoftBank and Ola told CNBC TV18.
Issues pertaining to market control and necessary approvals from Competition Commission of India still need to be sorted out. Discussions relating to the controlling stake in the combined entity are also in progress.
It could take two or three months more for the deal to be finalised as the talks are still in the initial stages.
Uber India denied talks of a merger or acquisition.
"Ola is always actively looking for opportunities to expand its footprint. Softbank and all other investors are committed to realising this ambition," an Ola spokesperson told PTI.
Ola and Uber India have a combined 95 percent market share in the cab aggregator space in India.
India is one of the top three markets for Uber, after US and Latin America.
(With inputs from PTI)Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
