Ola Electric signs pact with Bank of Baroda to raise $100 million in long-term debt
Ola Electric on Monday said it has signed a USD 100 million (about Rs 744.5 crore) 10 year-term debt financing agreement with Bank of Baroda.
The 10-year debt of USD 100 million is towards the funding and financial closure of phase I of Ola Futurefactory – its global manufacturing hub for electric two-wheelers, a statement said.
Ola had, in December last year, said it will invest Rs 2,400 crore for setting up phase I of the factory.
“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.
