Ola Electric Secures $100 Mn Debt For Phase I Of Ola Future Factory

Ola Electric Secures $100 Mn Debt For Phase I Of Ola Future Factory

SUMMARY

Ola Electric to raise $100 million in debt financing over 10 years from Bank of Baroda

Company plans to utilise these funds towards the funding and financial closure of the phase 1 of the Ola future factory

Bhavish Aggarwal-led company last year in December had announced that it would be investing INR 2,400 Cr for setting up phase 1 of the factory in Tamil Nadu

Bengaluru-based Ola Electric, the electric two-wheeler manufacturing arm of ride-hailing firm Ola on Monday ( July 12) announced that it will be raising $100 Mn in debt financing over 10 years from Bank of Baroda. Ola Electric and Bank of Baroda have signed a long-term debt financial agreement and the company plans to utilise these funds towards the funding and financial closure of phase 1 of the Ola future factory.

Bhavish Aggarwal-led company last year in December had announced that Ola Electric would be investing INR 2,400 Cr for setting up phase 1 of the factory in Tamil Nadu. The factory is being built over 500 acres of land and at its full capacity is expected to produce 10 Mn electric scooters annually. The company has claimed that it will be manufacturing 15 percent of the world’s e-scooters by the summer of 2022.

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