Connect with us

Automobile

Indian industrialist Ratan Tata to invests in Ola electric mobility

Published

on

Ratan Tata, Ola, Ola newly launched electric vehicle, Tata Sons, Ola Electric Mobility, Ride-sharing company, Automobile news, Car and Bike news, Business news

Mumbai: Indian industrialist and businessman Ratan Tata, the Chairman Emeritus of Tata Sons, has invested in domestic ride-sharing company Ola’s newly-launched electric vehicle (EV) arm Ola Electric Mobility Pvt Ltd (OEMPL) as part of its Series A round of funding, the cab aggregator announced on Monday.

A leading investor in startups, Tata was also an early investor in Ola’s parent company ANI Technologies Pvt Ltd.

 

Ratan Tata, Ola, Ola newly launched electric vehicle, Tata Sons, Ola Electric Mobility, Ride-sharing company, Automobile news, Car and Bike news, Business news

 

“The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development. I have always admired the vision of Bhavish Aggarwal and I’m confident that this will be part of yet another important strategic move into this new business area,” Tata said in a statement.

OEMPL is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.

“Mr. Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I’m very excited to welcome him on board Ola Electric as an investor and a mentor in our mission of building sustainable mobility for everyone on our planet,” said Bhavish Aggarwal, Co-founder and CEO, Ola.

 

Ratan Tata opts to invest in Ola’s newly launched electric vehicle:

 

“He is a visionary who has inspired a generation of entrepreneurs and we are privileged to have his guidance and support once again, as we work towards our goal of a million electric vehicles in India by 2021.”

OEMPL has raised Rs 400 crore, led by several of Ola’s early investors, including Tiger Global and Matrix India, as part of its first round of investment.

 

Ratan Tata, Ola, Ola newly launched electric vehicle, Tata Sons, Ola Electric Mobility, Ride-sharing company, Automobile news, Car and Bike news, Business news

 

In 2018, the company announced “Mission: Electric” to bring 1 million EVs on Indian roads by 2021. The company was initially established to enable Ola’s electric mobility pilot program in Nagpur.

Tata’s investment in OEMPL is a significant endorsement of the company’s approach to developing an EV ecosystem, including innovations in charging infrastructure, swapping models, and market-appropriate products.

 

Automobile

Due to Global oil prices fall Diesel cheaper by 63 paise.

Published

on

Oil companies have reduced diesel prices by 63 paise per litre (8.33%) since September 2, bringing down its rate to Rs 72.93 on Saturday in Delhi as international crude oil prices softened over 10% during the period because of a rise in the global stockpile and weak demand. Petrol rates have been cut by 22 paise a litre that brought down its retail price to Rs 81.86 in Delhi on Saturday.

The difference in quantum of decline in pump prices of petrol and diesel is mainly because their rates are aligned with respective international benchmarks that often do not move synchronously, two executives working for different state-run oil marketing companies (OMCs) said, requesting anonymity.

State-run fuel retailers revise pump prices of auto fuels daily based on fluctuations in their international benchmark rates. India’s fuel retail market is dominated by three state-run OMCs – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL). They have almost 90% market share.

Benchmark Brent crude fell $39.83 a barrel on Friday because of weak demand. It slipped below $40 a barrel for the first time since June 15. Reuters reported on Saturday that the US stock markets ended lower for a second week following several economic indicators that suggest a long and difficult recovery from the Covid-19 pandemic.

One of the executives cited above said the falling international oil prices also helped state-run OMCs in reducing retail prices of subsidized kerosene sold through the public distribution system (PDS).

The retail selling price of PDS kerosene was reduced by Rs 0.69 per litre in Kolkata. There was a corresponding reduction in prices in other cities effectively from September 1, the executive said.

“This decrease is due to a drop in product prices in the international market and the strengthening of the rupee-dollar exchange rate,” he said. With this revision, the retail price of PDS kerosene was reduced from Rs 28.66 per litre in August to Rs 27.97 in September in Kolkata, he added.

Public sector oil companies revise kerosene rates every month.

The rupee-dollar exchange rate has a significant bearing on domestic fuel rates as India imports more than 80% of crude oil it processes and pays in dollars. Every dollar per barrel drop in crude prices reduces India’s import bill by Rs 10,700 crore on an annual basis.

According to the oil ministry’s data keeper, Petroleum Planning and Analysis Cell, the exchange rate fell to Rs 73.35 a dollar on September 11 compared to Rs 74.77 on August 3.

Continue Reading

Trending