Ola Electric has raised $100 million in long term debt for a period of 10 years from the Bank of Baroda to close the first phase of development of its Futurefactory that will be producing electric two-wheelers. The company had previously announced in December last year that it will be investing Rs. 2400 crore for setting up Phase 1 of the factory. The new facility located in Tamil Nadu is nearing completion and will soon commence production of the Ola electric scooter set to launch in India later this year.
Speaking on the investment, Bhavish Aggarwal – Chairman & Group CEO, Ola, 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.”
News source- Carandbike