
EV maker Ola Electric Mobility on Thursday approved a Rs 2,000 crore investment into its wholly-owned subsidiaries focused on electric vehicle and battery manufacturing. The company is looking to double down on localisation and vertical integration amid rising competitive pressure and profitability concerns.
The board cleared a Rs 1,500 crore infusion into Ola Electric Technologies (OET) and Rs 500 crore into Ola Cell Technologies (OCT) through compulsory convertible preference shares, according to a stock exchange filing.