India, May 6 -- Update | May 6, 1:55 PM

Amid a media report that Bhavish Aggarwal is planning to transfer the intellectual property rights for the Ola brand to a new holding company controlled by his family office, Ola Electric said that it holds a licence to use certain IPs, including the logo and word-mark of 'Ola'.

In a statement issued on the public bourses, Ola Electric said that ANI Technologies is in an agreement with it, facilitating the EV arm to use certain licensed IP, "including the logo and/or word-mark of Ola."

"The company holds a perpetual, royalty-free, non-exclusive, non-transferable, non-assignable, and revocable license," the statement added.

However, the company did not comment on the rumored transfer of IP rights...