SoftBank-backed (OTCPK:SFTBF,OTCPK:SFTBY) Ola is asking for loan waivers for drivers and delayed tax payments to help offset the 21-day national lockdown in India, according to Reuters sources.
A letter the ride-hail company sent a federal think tank and lobby group requests short-term, interest-free loans for drivers and a six-month delay on paying taxes.
Ola also wants the government to approve a 12-month pause on car loan repayments.
Ola and rival Uber (NYSE:UBER) each have thousands of drivers in India, and the drivers are classified as contractors rather than employees.