Ola Electric Rises $100 Million Long-term Debt
On the 12th of July, Ola Electric signed a 10-year debt of $100 million with the Bank of Baroda. Looking forward to funding and financial closure of Phase 1 of the Ola Futurefactory. This is the largest long-term financial debt the Indian EV industry has ever experienced to date.
The upcoming Ola Futurefactory is across 500-acre of land at Krishnagiri in Tamil Nadu. The Futurefactory will be producing 10 million vehicles annually and is said to be the world's largest two-wheeler factory. The ola Futurefactory will be serving as the global EV hub for Ola for its range of scooters and other two-wheelers. The officials addressed that the Futurefactory is near completion.
Statement from the Official's
Ola Chairman and Group CEO Bhavish Aggarwal 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,"
Adding to this the CEO of Bank of Baroda MD Sanjiv Chadha said, "The Ola Futurefactory will put India on the global EV map and we are proud to be associated with them,".
Later on the 16th of July Ola CEO Bhavish Aggarwal tweets "In just 4months, this place has transformed from acres of empty rock land to the world's largest 2W factory. The Ola Futurefactory phase 1 is nearing completion! The scooters are coming soon! Great work by team @OlaElectric".
Ola Electric is one of the leading companies focused on making Electric mobility convenient, dependable, and affordable. With its improvement in the vehicle, battery manufacturers, cities, driver-partners, and the mobility ecosystem.
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