Ola Electric on Monday said it has signed a 10-year debt financing agreement worth $100 million (about Rs 744.5 crore) with Bank of Baroda.
The $100 million 10-year debt is towards funding and financial closure of the first phase of Ola Futurefactory – its global manufacturing hub for electric two-wheelers, a statement said.
Ola had said in December last year that it would invest Rs 2,400 crore to set up the first phase of the factory.
“Today’s agreement for long-term debt financing between Ola and Bank of Baroda signals the confidence of institutional lenders in our plans to build the world’s largest two-wheeler factory in record time.
Bhavish Aggarwal, Chairman and Group CEO, Ola, said, “We are committed to accelerating the creation of sustainable mobility and made in India EVs for the world and we are delighted that Bank of Baroda has joined us.
Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu. It will be the world’s largest two wheeler factory with a full capacity of 10 million vehicles annually.
“The government has brought out several policies to encourage Make-in-India and enable India to become a global EV leader. Ola is leading the way and we are happy to partner with them for their EV business. Ola Sanjeev Chadha, Managing Director and CEO, FutureFactory Bank of Baroda said, “India is on the global EV map and we are proud to be associated with them.
Ola said that the first phase of the FutureFactory is about to be completed soon, after which the production trials of the Ola scooter will begin.
While the company is yet to reveal the pricing and specifications of its e-scooter, Ola has said that it is working on setting up a ‘hypercharger network’ to cover one lakh charging points across 400 cities.
Recently, Agarwal shared a video of him riding an Ola electric scooter for a ride in Bengaluru.
The top executive had earlier said that the e-scooter is likely to be launched in India in July this year and Ola Electric will look to take the vehicle to international markets including countries such as France, Italy and Germany this financial year.
The launch of the electric scooter is in line with Ola’s global vision of taking mobility to a more sustainable, accessible and connected future.
Last year, Ola Electric also bought Amsterdam-based Itergo BV for an undisclosed amount. The acquisition of Etergo was aimed at further strengthening its engineering and design capabilities in the electric mobility space.
When launched, the Ola electric scooter will go up against Hero MotoCorp-backed Ather Energy, Bajaj Auto and others.
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