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Ola Electric Mobility Limited on Thursday announced that it has received a sanction order from the Ministry of Heavy Industries for the release of incentives amounting to ₹366.78 crore under the Production Linked Incentive Scheme for Automobile and Auto Components for FY25.
The incentive relates to demand incentives linked to determined sales value for FY 2024–25 and will be disbursed through IFCI Limited, the designated financial institution under the scheme.
The company said the sanction has been granted in line with the applicable terms and conditions of the PLI-Auto scheme, as amended from time to time. Ola Electric said the approval reflects its execution across scale, localisation and vertically integrated manufacturing, and strengthens its position in India’s electric mobility ecosystem.
Commenting on the development, an Ola Electric spokesperson said the incentive was an endorsement of the company’s manufacturing capabilities and its focus on building electric vehicle technology in India, while aligning with the government’s vision of making India a global hub for advanced automotive manufacturing and clean mobility.
Also Read: Ola Electric board clears ₹100 crore investment in battery subsidiary
The PLI-Auto scheme is a key government initiative aimed at boosting domestic manufacturing and encouraging advanced automotive technologies. Shares of Ola Electric Mobility Limited ended at ₹35.30 on Wednesday, up 1.58% on the National Stock Exchange.
The incentive relates to demand incentives linked to determined sales value for FY 2024–25 and will be disbursed through IFCI Limited, the designated financial institution under the scheme.
The company said the sanction has been granted in line with the applicable terms and conditions of the PLI-Auto scheme, as amended from time to time. Ola Electric said the approval reflects its execution across scale, localisation and vertically integrated manufacturing, and strengthens its position in India’s electric mobility ecosystem.
Commenting on the development, an Ola Electric spokesperson said the incentive was an endorsement of the company’s manufacturing capabilities and its focus on building electric vehicle technology in India, while aligning with the government’s vision of making India a global hub for advanced automotive manufacturing and clean mobility.
Also Read: Ola Electric board clears ₹100 crore investment in battery subsidiary
The PLI-Auto scheme is a key government initiative aimed at boosting domestic manufacturing and encouraging advanced automotive technologies. Shares of Ola Electric Mobility Limited ended at ₹35.30 on Wednesday, up 1.58% on the National Stock Exchange.
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