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Mahindra And Ola Ink Strategic Agreement; Will Target $400 Million Sales In 2 Years
Mahindra-Ola partnership can change contours of the industry, said Anand Mahindra.
09 Sep 2016, 01:04 AM IST 
Anand Mahindra, Chairman of Mahindra & Mahindra with Bhavish Aggarwal, CEO and Co-Founder of Ola announce a strategic partnership between the companies. (Photographer: Shubhangi Daga/BloombergQuint)
Mahindra & Mahindra Ltd. has entered into a strategic alliance with Ola as part of its attempt to tap the growing ride hailing service market.
The alliance will look to cover 40,000 drivers across India by 2018, Mahindra said in a press release. The alliance will also target $400 million (Rs 2,600 crore) in sales in the same two-year period.
The “Mahindra Ola” package promises Mahindra cars at highly affordable prices with up to zero down payment.
Other features that will be offered to drivers include:
- Subsidised insurance premiums
- Comprehensive maintenance packages
- Exclusive benefits on the Ola platform
- Accident insurance for drivers along with scholarship for their children
Mahindra and Ola will also explore other areas of joint collaboration to “build the next generation of mobility solutions”, Mahindra added in the press release.