Ola Electric on Thursday announced that it has received a sanction order from the Ministry of Heavy Industries for the release of ₹366.78 crore in incentives under the Production-Linked Incentive (PLI) Auto Scheme.
The sanction relates to demand incentives linked to the company’s eligible sales for FY2024–25 and authorises the disbursement of ₹366.78 crore through IFCI Limited, the designated agency for releasing PLI funds, the Bengaluru-based EV maker said in a statement.
The company said the incentive has been approved in line with the applicable terms and conditions of the PLI-Auto Scheme, as amended from time to time. Ola Electric added that the sanction underscores its contribution to India’s advanced automotive manufacturing ecosystem, reflecting progress in scaling operations, increasing localisation and strengthening its vertically integrated, technology-driven manufacturing model.
Commenting on the development, an Ola Electric spokesperson said the approval of the incentive is a strong validation of the company’s manufacturing capabilities and its commitment to building globally competitive electric vehicle technology in India. The spokesperson noted that the incentive recognises Ola Electric’s efforts in expanding domestic production, deepening localisation and driving innovation across the electric mobility value chain.
The company reiterated its commitment to supporting the Government of India’s objective of positioning India as a global hub for advanced automotive manufacturing and clean mobility. The PLI-Auto Scheme is a flagship government initiative aimed at boosting domestic manufacturing, promoting advanced automotive technologies and enhancing India’s competitiveness in the auto and auto components sector.
