India’s leading electric vehicle (EV) manufacturer, Ola Electric, has transitioned to a public limited company, Ola Electric Mobility Limited, ahead of its much anticipated initial public offering (IPO).
What Happened: The company’s decision to transition from a private limited company to a public one was revealed through regulatory filings. This shift is a mandatory requirement for any firm intending to list on the stock exchange.
It comes on the heels of Ola Electric successfully raising ₹3,200 crore in funding. The investment, led by Temasek and supplemented by project debt from the State Bank of India, will be channelized towards expanding Ola’s EV business. Furthermore, the funds will be utilized to establish India’s maiden lithium-ion cell manufacturing unit in Krishnagiri, Tamil Nadu.
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Ola Electric, enjoying a market share of nearly 35%, is the only Indian EV company hand-picked by the government under its cell PLI scheme. The firm is setting its sights on constructing a unique lithium-ion cell manufacturing facility in India. The proposed facility will boast an initial capacity of 5 GWh in phase I, expected to be ramped up to 100 GWh upon full capacity.
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