Ola Electric and Bank of Baroda on Monday signed the largest long-term debt financing agreement in the Indian EV industry on Monday. Ola said it would use this 10-year debt of $100 million to complete Phase 1 of its Futurefactory, a global manufacturing hub for electric two-wheelers, coming up at Krishnagiri in Tamil Nadu at an investment of ₹2,400 crore.
“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,” said Bhavish Aggarwal, Chairman and Group CEO, Ola.
Sanjiv Chadha, MD & CEO, Bank of Baroda said, “The Ola Futurefactory will put India on the global EV map and we are proud to be associated with them.” The first phase of Ola Futurefactory was nearing completion and production trials of Ola Scooter would commence soon, the company said. The Ola Futurefactory that is coming up on a 500-acre site is expected to have a capacity to manufacture 10 million vehicles annually.
