L&L Partners advised Bank of Baroda on funding on Green Field vehicles being setup by Ola Electric Technologies
L&L acted for and advised Bank of Baroda in connection with funding and financial closure of the Phase- I of the green field project for manufacturing electric 2 (two) wheeler vehicles being setup by Ola Electric Technologies Private Limited at Tamil Nadu. The first phase will have a manufacturing capacity of 0.50 million vehicles per annum, valued at over US$ 100 million.
L&L team was led by Partner - Girish Rawat, Senior Associate - Varun Chauhan and Associate - Arjun Varma.
The government has brought in several policies to incentivise Make-in-India and to enable India to become a global EV leader. In this context, this is landmark deal in the Electric Vehicle space. It shows the confidence of institutions in funding projects for accelerating the transition to sustainable mobility.
Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu and at full capacity of 10 million vehicles annually, it will be the world's largest two-wheeler factory. The first phase of Ola's Futurefactory is nearing completion and will be exporting the EVs to international markets like France, Italy and Germany etc.. This will put India on the global map in EV space.