Ola Electric secures Rs 366.78 cr PLI-Auto incentive for FY25

New Delhi, Dec 25 (PTI) Ola Electric on Thursday said it has received a sanction order from the Ministry of Heavy Industries for the release of incentives amounting to Rs 366.78 crore under the production-linked incentive scheme.

The sanction pertains to the demand incentive for the determined sales value for FY 2024-25, and authorises a payment of Rs 366.78 crore to be released through IFCI Limited, the designated financial institution for disbursement under the scheme, the Bengaluru-based firm said in a statement.

The incentive has been sanctioned in accordance with theapplicable terms and conditions of the PLI-Auto Scheme, as amended from time to time, it added.

This milestone reinforces Ola Electric's role as a key contributor to India's advanced automotive manufacturing ecosystem and reflects the company's strong execution across scale, localisation, and technology-led vertically integrated manufacturing, it stated.

Commenting on the development, an Ola Electric spokesperson said, "The sanction of Rs 366.78 crore under the PLI-Auto Scheme is a strong endorsement of Ola Electric's manufacturing capabilities and our commitment to building world-class EV technology in India".

This incentive recognises the company's sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain, the spokesperson added.

"We remain committed to supporting the Government of India's vision of making India a global hub for advanced automotive manufacturing and clean mobility," the spokesperson said.

The PLI-Auto Scheme is a flagship initiative of the Government of India aimed at strengthening domestic manufacturing, encouraging advanced automotive technologies, and enhancing India's global competitiveness in the auto and auto components sector. PTI MKT BAL BAL