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Bhavish Aggarwal, CEO of Ola Electric, stated on Tuesday that the business aims to speed new ambitious initiatives including electric cars, cell manufacturing, and the gigafactory, as well as focus more on technology and engineering. Aggarwal denied claims that he is stepping aside from day-to-day management in favour of CFO Arun GR, saying that the company is double down on creating the country's future.

"It appears as if I'm going to retire! This is not the case. Arun is an excellent leader who will assist me in overseeing Ola's operations. We will expedite ambitious new projects such as our automobile, cell, and gigafactory, as well as intensify our focus on technology and engineering "In a tweet, Aggarwal stated.

He went on to say: "Soon, there will be more. At Ola, we're double down on creating the future in India!" "As Ola focuses on accelerating ambitious new projects like car and cell manufacturing, gigafactories, and electrifying ride hailing business, among others, the company is ensuring adequate focus on execution excellence and keeping entrepreneurial leadership high on the new businesses," a company spokesperson said in a separate statement.

Earlier rumours in the media claimed that Ola's group CFO Arun GR will be given a bigger role in the company's day-to-day operations.