_1626070766848_1626070776497.jpg "Ola EV factory is coming up on a 500-acre site, which at full capacity, will produce 10 million vehicles annually making it the world’s largest two-wheeler factory")
PremiumBENGALURU: Ola Electric Mobility Pvt Ltd on Monday said it has signed a long-term debt finance agreement with Bank of Baroda to raise $100 million for the funding and financial closure of Phase 1 of its electric two-wheeler factory in Hosur, Tamil Nadu.
Ola in December 2020 had said that it would raise ₹2,400 crore to set up the first phase of its ‘future 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 that Bank of Baroda has joined us in our journey," said Bhavish Aggarwal, chairman and Group CEO, Ola.
The Ola EV factory is coming up on a 500-acre site, which at full capacity, will produce 10 million vehicles annually making it the world’s largest two-wheeler factory.
Ola said the first phase of the factor is nearing completion, following which production trials of the Ola Scooter will commence.
“The government has brought in several policies to incentivise make-in-India and to enable India to become a global EV leader. Ola is leading from the front and we are delighted to partner with them for their EV business. The Ola Futurefactory will put India on the global EV map and we are proud to be associated with them", said Sanjiv Chadha, managing director and CEO, Bank of Baroda.
Last week, ride-hailing firm Ola said it has raised $500 million led by private equity firm Temasek and Warburg Pincus, leading up to its public offering.
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