Uber Technologies is reportedly exploring the acquisition of BluSmart Mobility, a Gurugram-based operator of all-electric cabs.

The focus of the negotiations is on BluSmart’s assets, including its fleet of over 5,000 EVs operating in the Delhi-National Capital Region, Mumbai, Bengaluru, and Dubai.

The fleet mainly consists of vehicles from Tata Motors and MG Motor, which are owned by Gensol Engineering and leased to BluSmart.

Additionally, the company manages EV charging infrastructure in NCR and Bengaluru and leases EVs from private individuals.

Meanwhile, BluSmart said in a Mar. 17 statement to Tech in Asia that the news is “purely speculative and unfounded.”

“We categorically deny any discussions or negotiations regarding an acquisition by Uber,” the statement said.

Update: (March 18, 12:15 a.m. SGT): This article was updated to add a statement from BluSmart.