BENGALURU: Ola Electric on Thursday announced that it has received a sanction order from the Ministry of Heavy Industries, Government of India, for the release of incentives amounting to Rs 366.78 cr under the Production Linked Incentive Scheme for Automobile and Auto Components (PLI-Auto Scheme) for claims pertaining to FY 2024-25.
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 incentive has been sanctioned in accordance with the applicable terms and conditions of the PLI-Auto Scheme, as amended from time to time.
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.