Ola Electric Secures ₹366.78 Cr PLI Incentive for FY25

Ola Electric has announced that the Ministry of Heavy Industries, Government of India, has given it a sanction order to release incentives of ₹366.78 crore under the Production Linked Incentive Scheme of Automobile and Auto Components (PLI-Auto Scheme) to make claims in relation to the FY 2024-25.

The sanction pertains to the Demand Incentive of the Determined Sales Value of the said financial year and allows the release of 366.78 crore by IFCI, the specific financial institution, to be paid under the PLI-Auto Scheme.

The incentive has been approved, taking into consideration the relevant terms and conditions of the scheme, which have been revised every now and then, reflecting adherence to production, value addition and eligibility standards.

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The growth emphasizes the increasing presence of Ola Electric in India, which is working to create a globally competitive EV production foundation, which is facilitated by a domestic value chain and technology-based capacity building. In the last several years, the company has been working on scale-based manufacturing, increased levels of localization, and vertical integration of the operations through electric two-wheelers, components, and software-driven systems.

The PLI-Auto Scheme has been set to hasten investments in superior technology in car production, enhance domestic production, and minimize imports.

This achievement further strengthens the role of Ola Electric as an important participant in the changing electric mobility ecosystem in India, and in line with the national goals of clean mobility, industrial competitiveness and long-term manufacturing sustainability.