Ola Electric raises $100 million long term debt – Times of India


NEW DELHI: Ola Electric and Bank of Baroda on Monday signed a 10-year debt of $100 million aimed towards funding and financial closure of the Phase 1 of the Ola Futurefactory.
The agreement is the largest long-term debt financing agreement in Indian EV industry.
Ola had earlier announced last December that it will be investing Rs 2,400 crore for setting up the Phase 1 of the factory.
The Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu. At full capacity of 10 million vehicles annually it will be the world’s largest two wheeler factory.
The first phase of Ola Futurefactory is nearing completion shortly, following which production trials of the much awaited Ola Scooter will commence.
The soon-to-be-launched Ola Scooter will be manufactured at the Ola Futurefactory, which will also serve as the global EV hub for Ola for its range of scooters and other two-wheelers.

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