Phase 1 of the Ola Futurefactory is nearing completion and can quickly start trial manufacturing forward of the electrical scooter launch scheduled later this yr.
The 10-year debt is in the direction of the funding & monetary closure of the Ola manufacturing unit Phase 1
Ola Electric has raised $100 million in long run debt for a interval of 10 years from the Bank of Baroda to shut the primary section of improvement of its Futurefactory that can be producing electrical two-wheelers. The firm had beforehand introduced in December final yr that it is going to be investing ₹ 2400 crore for organising Phase 1 of the manufacturing unit. The new facility positioned in Tamil Nadu is nearing completion and can quickly begin manufacturing of the Ola electrical scooter set to launch in India later this yr.
Also Read: Ola Electric Scooter Features Teased; Launch Soon
Speaking on the funding, Bhavish Aggarwal – Chairman & Group CEO, Ola, mentioned, “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. 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.”
Sanjiv Chadha, MD & CEO – Bank of Baroda, mentioned, “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.”
Also Read: Ola Future Factory Phase 1 Construction Nears Completion, Production To Commence Soon Shares Bhavish Aggarwal
The upcoming Ola Futurefactory is being constructed on a 500-acre website and can have the ability to produce 10 million autos per yr as soon as totally accomplished. Trial manufacturing underneath the primary section will start shortly on the plant. The new plant will function the worldwide EV manufacturing hub for Ola’s upcoming scooter vary and different two-wheelers. The firm has additionally introduced that it plans to set-up charging stations in over 400 cities to construct the EV ecosystem.
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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)