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Ola Electric raises $100 million in long-term debt

Shortpedia

Content Team
Image Credit: cleartechnica

Ola Electric on Monday said it has signed a $100 million (about Rs 744.5 crore) 10 year-term debt financing agreement with Bank of Baroda. The 10-year debt of $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.