Ola Electric has today released an official statement that it has penned down a deal with Bank of Baroda in what has been said to be the largest long-term debt financing agreement in the Indian electric vehicle industry spanning ten years. The funding of USD 100 million (Rs. 744.45 crore approximately) is towards the financial closure of the Phase 1 of the ‘Ola Futurefactory’.
The facility will act as a global production hub for Ola Electric’s zero-emission two-wheelers and already Rs. 2,400 crore investment was announced in December 2020 as part of the Phase 1 duties to establish the unit. Bhavish Aggarwal, Chairman & Group CEO, Ola was recently seen riding the brand’s first e-scooter based on Etergo AppScooter Ola.
Speaking on the financial agreement, he said, “Today’s agreement for long term debt financing between Ola and Bank of Baroda signals the confidence of the institutional lenders in our plans to build the world’s largest two-wheeler factory in record time. We are committed to accelerating the transition to sustainable mobility and manufacture made in India EVs for the world and we are happy that Bank of Baroda has joined us in our journey,”
Claimed to be the world’s largest two-wheeler factory, it will be able to manufacture 10 million vehicles at its full capacity. The first phase of Ola Futurefactory is nearing completion and the production trials of the first Ola Electric scooter will begin.
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