Ola Electric Eyes Rs 2,000 Crore Fundraise for Battery Arm Expansion
Ola Electric plans to raise up to Rs 2,000 crore by divesting equity in its battery division, Ola Cell Technologies. This move will facilitate industrial expansion and bolster operations, with the support of investment banks Avendus and Motilal Oswal, as part of efforts to bolster India's domestic EV supply chain.
- Country:
- India
Ola Electric has initiated the process to raise up to Rs 2,000 crore by selling a stake in its battery subsidiary, Ola Cell Technologies (OCT).
The Tamil Nadu-based manufacturing unit plans to scale its capacity from 1.5 GWh to 6 GWh by the fiscal year's end. Investment banks Avendus and Motilal Oswal are overseeing the fundraising.
This initiative is crucial for restructuring Ola Electric's operations and assessing the market valuation of OCT, a key asset attracting interest from financial investors and sovereign wealth funds.
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