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Ola Electric on Monday announced it had signed a long-term debt financing agreement worth $100 Mn with Bank of Baroda, the largest-ever in the Indian EV industry. Looking at taking the electric scooter scene in India by storm in the coming times, Ola Electric is looking at using the amount towards funding and financial closure of phase 1 of the Ola Futurefactory.
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Ola Futurefactory is touted to become the world's largest facility for manufacturing electric scooters and is coming up in the state of Tamil Nadu. The facility will be spread over 500 acres and Ola has invested ₹2,400 Cr so far. Once operational, the factory will be able to manufacture 20 lakh units with the help of around 10,000 employees and another 3,000 to 5,000 robots.