Ola Electric on Thursday said 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.
The sanction pertains to the demand incentive for the determined sales value for FY 2024-25, and authorises a payment of ₹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.
Commenting on the development, an Ola Electric spokesperson said, “The sanction of ₹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”.
“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.