February 23, 2024

  • Daily Motion

Ola Electric becomes first Indian 2W company to receive certification for Auto PLI Scheme

Ola Electric has become the first Indian 2W company to receive a Domestic Value Addition (DVA) certificate under the Production Linked Incentive (PLI) Scheme for the automobile and auto component industry. The company successfully met the DVA criteria of 50% among others as mandated by the Ministry of Heavy Industries, Government of India, under the PLI Scheme for the automobile and auto component industry.

Hon’ble Minister for Heavy Industries Dr. Mahendra Nath Pandey and Hon’ble Minister of State for Power and Heavy Industries Krishan Pal Gurjar felicitated Ola Electric during the Auto PLI Conclave organised by the Ministry in Pragati Maidan, New Delhi. The certification has been granted by The Automotive Research Association of India (ARAI) after testing of the product and checks on the localization standards of the components.

 Ola spokesperson, Ola Electric said, “The proactive approach of the government in implementing the PLI Scheme for the Automobile and Auto Component Industry will certainly put India on a fast lane to becoming the manufacturing superpower of the world. The PLI certification is a testament to our vertically integrated manufacturing capabilities and a significant milestone in our quest to accelerate India’s journey towards clean mobility. The government’s auto PLI scheme will certainly go a long way in localizing supply chains and boosting domestic manufacturing while also helping companies achieve economies of scale.”

Under the scheme, Ola Electric is eligible for incentives for up to five consecutive financial years, commencing from Fiscal 2024. The incentive would range between 13% and 18% of the “determined sales value” (DSV).

Ola Electric has also been awarded 20GWh capacity by the government under its PLI scheme for Advanced Chemistry Cell (ACC) Battery storage in March 2022. The company is eligible to receive incentives under the Cell PLI scheme over a five-year period from the date of commissioning of the Ola Gigafactory in Krishnagiri, Tamil Nadu.

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