Bhavish Aggarwal and Ankit Bhati’s Ola was a mission to build mobility for millions of peoples. But there future project on the Ola electric has led them to sign the largest long term debt agreement with Bank of Baroda of Rs. 100 million for 10 years debt. It has turned out to be the largest long term debt signed in the Indian EV industry. But the 100 million debt is just taken to complete the first the stage 1 of its forthcoming work. The first factory is going to get established at Krishnagiri in Tamil Nadu at an huge investment of 2400 crore.
“Today’s agreement for a long term debt financing between Ola and Bank of Baroda prompts the credence of the lenders in our plans to construct and build the world’s largest two wheeler factory in a record time” said Bhavish Aggarwal, Chairman and Group CEO, Ola.
“The Ola future factory will mark India on the global EV map and we are pleased to get connected with them” said Sanjiv Chadha, MD & CEO, Bank of Baroda. The first stage of Ola future factory is coming going to complete and the trial of the product is going to begin soon. The factory is expected to have a capacity to build 10 million vehicles annually it will get build over 500 acre site.