Ola Electric ties up with BoB to raise $100 million long term loan

The company said in a statement that the 10-year loan of US $ 100 million is for financing the first phase of Ola FutureFactory. The future factory is Ola's global manufacturing hub for electric two-wheelers.

NEW DELHI: Ola Electric on Monday said it has signed a 10-year debt financing agreement with Bank of Baroda (BoB) to raise USD 100 million (about Rs 744.5 crore).

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The company said in a statement that the 10-year loan of US $ 100 million is for financing the first phase of Ola FutureFactory. The future factory is Ola's global manufacturing hub for electric two-wheelers.

Ola had said in December last year that it would invest Rs 2,400 crore to set up the first phase of the factory.

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Bhavish Aggarwal, Chairman, and Group CEO, Ola said, “The MoU signed today for long-term debt financing between Ola and Bank of Baroda reflects the confidence of institutional lenders in our plans to set up the world's largest two-wheeler manufacturing plant in record time. indicates."

"We are committed to bring sustainable mobility to the world and accelerate manufacturing of EVs made in India and we are delighted that Bank of Baroda has joined our journey," he said.

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Ola Futurefactory is being set up on 500 acres of land in Tamil Nadu. The plant's capacity to manufacture 10 million vehicles per year will be the world's largest two-wheeler factory.

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