Ola Electric raises $100 million long term debt
TN, July 12, 2021: Ola Electric and Bank of Baroda have signed the largest long-term debt financing agreement in the Indian EV industry. This 10-year debt of US$100 million is towards the funding and financial closure of the Phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers.
Ola had earlier announced last December that it will be investing Rs 2,400 crore for setting up the Phase 1 of the factory.
“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 th...