Ola Electric announced that it has been granted approval by the Ministry of Heavy Industries for the disbursement of incentives totaling Rs 366.78 crore as part of the production-linked incentive scheme.

The penalty concerns the requested bonus for the specified sales value for the fiscal year 2024-25, and grants approval for a payment of Rs 366.78 crore to be distributed through IFCI Limited, the appointed financial entity for allocation within the program, as stated by the company headquartered in Bengaluru.

The incentive has been approved in accordance with the relevant terms and conditions of the PLI-Auto Scheme, which may be revised periodically.

This achievement solidifies Ola Electric's position as a significant participant in India's sophisticated automotive manufacturing industry, showcasing the company's robust performance in terms of scalability, localization, and technology-driven vertically integrated production processes, according to reports.

The approval of a sanction totaling Rs 366.78 crore within the PLI-Auto Scheme serves as a significant validation of Ola Electric's manufacturing proficiency and our dedication to developing top-tier EV technology within India.

This incentive acknowledges the ongoing commitment of the company to increase domestic production, enhance localization, and promote innovation throughout the electric mobility industry.

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Ola Electric became the inaugural electric two-wheeler producer in India to benefit from incentives offered through the PLI-Auto Scheme. At the beginning of this year, the company announced that it had been granted Rs.73.74 crore based on its projected sales value for the fiscal year 2023–2024.

Additionally, in August, Ola Electric obtained PLI compliance validation for its third-generation scooter range, encompassing all seven models of the Ola S1 Gen 3. Consequently, both the second and third-generation scooter collections from Ola Electric are now officially certified under the PLI program, a milestone that the company views as crucial in advancing towards financial success.

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The company is steadfast in its dedication to aiding the Government of India in achieving its goal of establishing India as a prominent center for cutting-edge automotive production and environmentally friendly transportation solutions.

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The PLI-Auto Scheme is a prominent program initiated by the Government of India with the goal of bolstering domestic manufacturing, promoting cutting-edge automotive technologies, and elevating India's international competitiveness in the automotive and auto components industry.