New Delhi: Ola Electric Mobility Ltd on Friday announced that its board has greenlit a combined investment of Rs 2,000 crore across two wholly-owned subsidiaries — Ola Cell Technologies Pvt Ltd and Ola Electric Technologies Pvt Ltd — to bolster their operational and business needs. The decisions were taken at a board meeting held on May 15, according to a regulatory filing by the company.
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Of the total outlay, Rs 500 crore will flow into Ola Cell Technologies (OCT) in the form of 50 crore compulsory convertible preference shares of Rs 10 each at par. A larger tranche of Rs 1,500 crore will go into Ola Electric Technologies (OET), structured as 150 crore compulsory convertible preference shares of Rs 10 each at par. Both investments are expected to be completed on or before May 14, 2027.
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OCT is the group's battery arm, engaged in the manufacturing, processing, assembling, export, sale, repair and distribution of batteries. OET, on the other hand, operates across the electric vehicle value chain, providing services as well as manufacturing and supplying electric vehicles.
The fund infusion is intended to support the business requirements of both entities, the filing said.