The agreement with
is the largest long-term debt financing deal in India’s electric vehicle industry, according to a press release on Monday.
âToday’s agreement for long-term debt financing between Ola and Bank of Baroda demonstrates the confidence of 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 to manufacturing âMade in Indiaâ electric vehicles for the world. We are happy that Bank of Baroda has joined us on our journey, âsaid Bhavish Aggarwal, Group President and CEO, Ola.
âThe government has put in place several policies to encourage Make in India and enable India to become a world leader in electric vehicles. The Ola Futurefactory will put India on the global map of electric vehicles. We are proud to be associated with them, âsaid Sanjiv Chadha, Managing Director and CEO of Bank of Baroda.
The electric vehicle factory or âFuturefactoryâ is under construction on a 500 acre site in Tamil Nadu. “With its full capacity of 10 million vehicles per year, it will be the largest two-wheeler plant in the world,” the statement said.
The company said the first phase of Ola’s Futurefactory is nearing completion. âThe soon to be launched Ola scooter will be manufactured at the Ola Futurefactory. It will also serve as a global hub for electric vehicles in Ola for its range of scooters and other two-wheelers, âhe said.
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The company will open preorders in August, according to media reports. It plans to export to Europe and Australia.
Last month, Aggarwal said he informed Tamil Nadu’s chief minister, Deputy Stalin, about the plant. âIt was a privilege to meet the Honorable Chief Minister of Tamil Nadu MP Stalin. I informed him of the rapid pace at which #OlaFutureFactory is being built,â he tweeted.
It was a privilege to meet today the Honorable Chief Minister of Tamil Nadu Thiru @mkstalin. Updated on the fast … https://t.co/Yuhpouvkm3
– Bhavish Aggarwal (@bhash) 1625061881000
Ola had announced last year that it would invest 2,400 crore rupees in phase 1 of the plant. It had also announced its intention to provide charging solutions to all of its electric two-wheeler customers via the Ola Hypercharger network.