Ola and the country’s top utility vehicle maker Mahindra and Mahindra are set to announce a joint initiative on Thursday.

The move will come close on the heels of a string of tie-ups between online taxi services and automakers, keen to cash in on the rising demand and popularity of these services.

Mahindra is likely to offer leasing of cars, financing and auto insurance to Ola as part of the deal.

Anand Mahindra, chairman of M&M, and Bhavish Aggarwal, co-founder and CEO of Ola, are expected to be present during the announcement. M&M is unlikely to have any exclusive arrangement with Ola under the alliance, and sources said that the company is also in talks with Uber for a similar deal.

The association of both the companies is not new. In October last year, Ola had got into an agreement with Mahindra First Choice Services (MFCS), a part of M&M to offer maintenance services at discounted rate for the drivers associated with the ride-hailing company.

Ola last year announced a tie up with Nissan Motor India to buy and lend cars to its drivers. And last month, Tata Motors’s parent Tata Group, became the first Indian carmaker to tie-up with Uber.

Overseas, General Motors in January announced a $500 million investment in Lyft, with plans down the road to develop an on-demand network of self-driving cars.

In May, Toyota also laid out plans to invest in Uber to create flexible vehicle leasing terms, while the ride-hailing service has also entered into a $300 million deal with the Volvo Car Group to develop self-driving cars.

Europe’s largest automaker Volkswagen has also announced a $300 million investment in Gett aimed at car sharing, limousine rides and taxi services.