Ola Electric Raises USD 100 Million Debt from Bank of Baroda for EV Plant

In December last year, Ola Electric had announced that it would invest Rs 2,400 crore to set up the first phase of the plant. The project is nearing completion, after which production testing of the Ola scooter will begin.

Ola Electric scooter riding shot

Ola Electric said Monday it has raised $100 million in long-term debt from the Bank of Baroda for “financing and closing” the first phase of its electric two-wheeler plant in Tamil Nadu. The plant, which will be located on a 500-acre site in the southern state, plans to produce 10 million vehicles at full capacity annually. The company claims it will be the largest two-wheeler factory in the world. In December last year, Ola had announced that it would invest Rs 2,400 crore to set up the first phase of the factory. The project is nearing completion, after which production testing of the Ola scooter will begin.
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The factory will serve as the company’s global manufacturing hub for its range of electrically powered scooters and two-wheelers in India and international markets, including Europe, the UK and Latin America. “Today’s long-term debt financing agreement between Ola and Bank of Baroda indicates that institutional lenders are confident 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 manufacturing of Indian-made EVs for the world and we are pleased that Bank of Baroda has joined us on our journey,” said Bhavish Aggarwal, Chairman and Group CEO, Ola.

Ola Electric, which operates as a separate entity, turned unicorn in 2019 after SoftBank injected approximately $250 million into the company. It also has the backing of other major investors such as Temasek and Tiger Global. Last week, Ola’s premier ride-hailing unit announced a $500 million investment led by Temasek and Plum Wood Investment, a subsidiary of Warburg Pincus, as part of its pre-IPO financing round.

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