Ola Electric on Monday stated it has signed a USD 100 million (about Rs 744.5 crore) 10 year-term debt financing settlement with Bank of Baroda.
The 10-year debt of USD 100 million is in the direction of the funding and monetary closure of section I of Ola Futurefactory – its world manufacturing hub for electrical two-wheelers, an announcement stated.
Ola had, in December final yr, stated it would make investments Rs 2,400 crore for establishing section I of the manufacturing unit.
“Today’s settlement for long run debt financing between Ola and Bank of Baroda alerts the arrogance of the institutional lenders in our plans to construct the world’s largest two-wheeler manufacturing unit in file 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,” Ola Chairman and Group CEO Bhavish Aggarwal stated.
Ola Futurefactory is arising on a 500-acre web site in Tamil Nadu. At full capability of 10 million autos yearly, it will likely be the world’s largest two-wheeler manufacturing unit.
“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,” Sanjiv Chadha, Managing Director and CEO of Bank of Baroda, stated.
Ola stated the primary section of the Futurefactory is nearing completion shortly, following which manufacturing trials of the Ola Scooter will start.
While the corporate is but to reveal the pricing and specs of its e-scooter, Ola has acknowledged that it’s engaged on establishing a ‘Hypercharger Network’ to incorporate one lakh charging factors throughout 400 cities.
Recently, Aggarwal had shared a video of him astride an Ola electrical scooter for a journey in Bengaluru.
The prime govt had earlier stated that the e-scooter was more likely to be launched in India in July this yr and that Ola Electric would have a look at taking the automobile to worldwide markets, together with international locations like France, Italy and Germany, this fiscal as properly.
The launch of the electrical scooter is consistent with Ola’s world imaginative and prescient of transferring mobility right into a extra sustainable, accessible and related future.
Last yr, Ola Electric had additionally acquired Amsterdam-based Etergo BV for an undisclosed quantity. The acquisition of Etergo was geared toward additional bolstering its engineering and design capabilities within the electrical mobility area.
When launched, the Ola electrical scooter will go up in opposition to Hero MotoCorp-backed Ather Energy, Bajaj Auto and others.
