₹366.78-crore PLI-Auto Incentive for Ola Electric in FY25

Bengaluru: Ola Electric recently announced that it has received a sanction order from the Ministry of Heavy Industries, Government of India, for the release of incentives amounting to ₹366.78 crore under the Production Linked Incentive Scheme for Automobile and Auto Components (PLI-Auto Scheme) for claims pertaining to FY 2024-25.

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 incentive has been sanctioned in accordance with the applicable terms and conditions of the PLI-Auto Scheme, as amended from time to time.

This milestone reinforces Ola Electric’s role as a key contributor to India’s advanced automotive manufacturing ecosystem and reflects the company’s strong execution across scale, localisation, and technology-led vertically integrated manufacturing, a company release said.

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. This incentive recognises our sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain. We remain committed to supporting the government’s vision of making India a global hub for advanced automotive manufacturing and clean mobility.”

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.