Taxi-hailing app Uber signed a pact with the Haryana government, wherein it will invest Rs 120 crore in technology based ride-sharing services.

The Memorandum of Understanding (MoU) was signed at the Happening Haryana Global Investors Summit 2016.

Under the agreement, Uber will invest in technology based ride-sharing services, which includes peer-to-peer transportation using private vehicles where the driver is reasonably compensated for expenses, tolls and other related costs.

Uber said this new form of reliable and convenient urban mobility will help create a real alternative to car ownership. Uber will also collaborate with the government in creating smarter cities in Haryana.

“Haryana has been a leader in promoting information technology and we are excited to launch private vehicle ride-sharing to promote urban mobility, prevent pollution and reduce the time spent in traffic in our cities,” Vijayendra Kumar, Secretary IT, Government of Haryana said in a statement.

“We are excited to partner with the Government of Haryana and invest in ridesharing technology to promote efficient, eco-friendly and smart transportation in the state and the NCR region,” Gagan Bhatia, General Manager, North India, Uber said.

Source: The Economic Times