Ola Electric Secures ₹73.74 Crore Incentive Under PLI Auto Scheme for FY 2023-24
Bengaluru, March 5, 2025 — In a significant boost for India’s electric vehicle (EV) industry, Ola Electric Technologies Private Limited, a wholly owned subsidiary of Ola Electric Mobility Limited, has received a sanction order approving an incentive of ₹73.74 crore under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components.
The sanction order, dated March 5, 2025, was issued by the Ministry of Heavy Industries, Government of India. The approval facilitates the release of the Demand Incentive through IFCI Limited, marking a crucial step in Ola Electric’s mission to accelerate EV innovation and expand domestic manufacturing capabilities.
The approved incentive corresponds to Determined Sales Value for FY 2023-24, reinforcing Ola Electric’s position as a key player in India’s transition to sustainable mobility. This financial backing aligns with the government’s efforts to promote EV adoption and strengthen India’s manufacturing ecosystem for cleaner transportation.
Accelerating India’s EV Growth
Ola Electric, a frontrunner in India’s EV revolution, has been at the forefront of developing high-performance electric scooters and expanding its battery technology and local production infrastructure. The PLI Auto Scheme aims to enhance the country’s manufacturing competitiveness by providing financial incentives to companies that achieve targeted production and sales milestones.
The sanctioned amount of ₹73.74 crore (Rupees Seventy-Three Crores Seventy-Four Lakhs Thirty-Six Thousand Six Hundred and Twelve only) is expected to further bolster Ola Electric’s manufacturing capabilities and research & development efforts in next-generation EV technology.
Strengthening the EV Ecosystem
With an aggressive roadmap for EV expansion, including advanced battery manufacturing, domestic production of critical EV components, and infrastructure development, Ola Electric continues to drive India’s goal of achieving a sustainable, self-reliant EV ecosystem.
This latest incentive approval underscores the company’s commitment to innovation, localization, and scaling clean mobility solutions in alignment with the PLI Auto Scheme’s objectives.
A Step Towards a Greener Future
As Ola Electric continues to scale its operations and expand its presence in India’s growing EV market, this incentive will serve as a catalyst for sustained innovation and production excellence. With a focus on reducing import dependencies and strengthening indigenous capabilities, Ola Electric remains committed to pioneering a clean energy future for mobility in India.
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