Ola Electric (Photo: Ola)
The funds raised could be utilised in the direction of enlargement of Ola’s EV enterprise and organising India’s first lithium-ion cell manufacturing facility at Krishnagiri, Tamil Nadu
Ola Electric on Thursday mentioned it has raised Rs 3,200 crore from Temasek-led buyers and State Bank of India. The firm introduced the profitable closure of the funding spherical from Temasek-led buyers and State Bank of India.
The funds raised could be utilised in the direction of enlargement of Ola’s EV enterprise and organising India’s first lithium-ion cell manufacturing facility at Krishnagiri, Tamil Nadu, the corporate mentioned in a press release. The Bengaluru-based agency goals to speed up its development by ramping up its two-wheeler manufacturing capability, launching electrical bikes adopted by electrical vehicles and quick-monitoring the development of gigafactory, it added.
“At Ola, our vision is to end ICE (internal combustion engine) age in automobiles and our upcoming gigafactory will be a big leap in India’s journey towards becoming a global EV hub. We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility,” Ola Electric Founder & CEO Bhavish Aggarwal mentioned.
Ola Electric was chosen by the federal government underneath its formidable cell PLI scheme, receiving a most capability of 20 GWh.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
