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Ola raises USD 100 mn via long-term debt
Ola Electric has signed a $100 million (about Rs 744.5 crore) 10 year-term debt financing agreement with Bank of Baroda. The 10-year debt is towards the funding and financial closure of phase I of Ola Futurefactory - its global manufacturing hub for electric two-wheelers.
By
migrator
migrator
New Delhi
Ola had, in December last year, said it will invest Rs 2,400 crore for setting up phase I 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,” Ola Chairman and Group CEO Bhavish Aggarwal said. Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu.
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