Japan's SoftBank has called for a merger between the ride-hailing majors - Ola and Uber, in order to make the consolidated firm the biggest in Asia, the Business Standard reported.
SoftBank, the largest investor in both companies, has been holding talks between the ride-hailing apps for almost a year, sources told the paper.
SoftBank’s push for the merger heated up after Uber announced its exit from Southeast Asia and sold its local unit to Grab, according to the report. Post the Uber-Grab deal, Uber will take charge of 27.5% stake in the combined entity.
There have been talks between the senior executives of Uber and Ola and a conclusion is expected in a couple of months, sources told the paper. They added that SoftBank is in favour of Ola acquiring the Indian unit of Uber.
Since both the firms are seeking a controlling stake in the merged entity, the talks have not been borne fruit as of yet, the paper said.
If the deal goes through, it will mark the Uber's fourth large retreat globally.
Read more about the story in
Business Standard's report.
First Published: IST