Big boost to Ola Electric: Rs 367 crore received from PLI scheme, the path to making India an EV hub is strengthened!

New Delhi. Electric two-wheeler company Ola Electric on Thursday said it has received an order from the Heavy Industries Ministry to release a grant amount of Rs 366.78 crore under the ‘Production Linked Incentive’ (PLI) scheme. According to the company statement, this payment order is under the demand incentive based on the fixed selling price for the financial year 2024-25 and the payment will be made through IFCI Limited, which is the designated financial institution for disbursement of funds under the scheme. Ola Electric said that this payment has been approved in accordance with the applicable terms and conditions of the PLI scheme operated for the vehicle sector.

The company said this achievement reinforces Ola Electric’s contribution to the advanced vehicle manufacturing system and reflects the company’s strength in scale, localization and technology-based integrated manufacturing. “The incentive approval of Rs 366.78 crore under the PLI-Vehicle Scheme provides a strong support to our manufacturing capacity and also reflects our commitment to build world-class EV technology in India,” an Ola Electric spokesperson said.

Along with this, the company spokesperson said, “We will continue to support the vision of the Government of India, which is to make the country a global hub of advanced vehicle manufacturing and clean transportation.”
The PLI Scheme is a major initiative of the Government aimed at strengthening domestic manufacturing, promoting advanced vehicle technology and enhancing India’s global competitiveness in the vehicle and vehicle component sector.