Presently Ola and Uber ride hailing cab companies’ rivalry to go one notch higher as Ola is set to raise another massive round of funding to the tune of $1 billion from Temasek, the Singapore based sovereign wealth fund and there are possibly other investors as well. Meanwhile these investments will be partly through secondary sale of shares plus other direct routes.
According to sources in Ola’s 8 year existence, this is the first such liquidity-raising instance and the company’s valuation may be pegged around $6-7 billion. Meanwhile Uber’s top management, led by CEO Dara Khosrowshahi has clearly stated that they are in India for the long haul and see value in the market and will continue to operate in India.
Sources have added that globally too, Uber is trying to cut its losses in
the Asian region by selling its South-East Asia business to Soft Bank owned
Grab, while at the same time Ola has moved overseas and is challenging Uber in
Australia, offering a much better deal to the drivers there (7.5% commission as
opposed 20% charged by Uber). Accordingly auto rides offered by Ola and pooled
rides by both and these have grown rapidly over the past few quarters for both
Ola and Uber.
Will Vedanta's Copper Smelter be closed permanently? Tuticorin sources stated that Tamilnadu government said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources after 13 people died in protests demanding the closure of the plant on environmental grounds. Sandeep Nanduri, the top official of the district where the plant is located said "The government's position is very clear, it doesn't want the plant to run”.
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