New Delhi: Ola Electric and Bank of Baroda on Monday signed a 10-year debt of $ 100 million aimed at funding and floating financial phase 1 Ola Faula.
This agreement is the largest long-term debt financing agreement in the Indian EV industry.
Ola previously announced last December that it will invest RS 2,400 Crore to prepare phase 1 from the factory.
The Ola Futurefactory will come on the 500 hectare site in Tamil Nadu.
At full capacity of 10 million vehicles every year, it will be the largest two-wheeled factory in the world.
The first phase of Ola FuturyFactory was almost long, after the production trial which would begin with the Ola scooter which was a lot of awaited.
Ola scooters that will be launched will soon be produced at Ola FawasanFactory, which will also function as Global EV Hub for Ola for the range of scooters and other two-wheeled.
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