Ola Electric Secures INR 3,200 Crore in Funding, Aims to Boost EV Business and Gigafactory
The funding comes from a group of prominent investors, spearheaded by Singapore-based Temasek, alongside project debt from the State Bank of India.
October 27, 2023. By News Bureau
The substantial financial injection will be utilized to expand Ola's electric vehicle (EV) business and establish a lithium-ion cell manufacturing unit in Krishnagiri, Tamil Nadu.
Ola Electric has ambitious plans to increase its two-wheeler manufacturing capacity, introduce electric motorcycles, and venture into electric cars. Additionally, the company is committed to advancing the construction of its gigafactory.
Ola Electric Founder & CEO Bhavish Aggarwal affirmed, "At Ola, our vision is to end the internal combustion engine age in automobiles, and our upcoming gigafactory will be a significant milestone in India's journey toward becoming a global EV hub."
In its pursuit of establishing an EV hub, Ola Electric has inked a Memorandum of Understanding (MoU) with the government of Tamil Nadu, a state that has become a hotspot for EV manufacturers.
Various automakers, including Renault and Nissan, have already established manufacturing facilities in the state. The evolving landscape indicates that India is poised to host numerous gigafactories, with Amara Raja Energy & Mobility Limited (formerly Amara Raja Batteries Limited) also venturing into gigafactory development in Telangana.
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