Ola Electric Bags ₹366.78 Crore PLI Incentive, Turbocharges EV Manufacturing Push

Ola Electric Mobility has announced that its wholly owned subsidiary, Ola Electric Technologies, has received a sanction order from the Ministry of Heavy Industries for incentives amounting to ₹366.78 crore under the Production Linked Incentive Scheme for Automobile and Auto Components. The amount pertains to the demand incentive for the determined sales value for FY 2024-25 and will be released through IFCI Limited, the designated financial institution for the scheme.

An Ola Electric spokesperson said the sanction is a strong endorsement of the company’s manufacturing strength and commitment to building world class electric vehicle technology in India, while supporting the government’s vision of making the country a global hub for advanced automotive manufacturing and clean mobility. The sanction also underscores Ola Electric’s ongoing efforts in scaling domestic production, deepening localization and driving innovation across the electric mobility value chain.

Key Highlights

• Sanctioned incentive amount: ₹366.78 crore under the PLI-Auto scheme for FY25.
• ​Covers demand incentive linked to determined sales value for FY 2024-25.
• ​Funds to be disbursed via IFCI Limited, the scheme’s designated financial institution.
• ​Recognizes Ola Electric’s scale, localization and vertically integrated manufacturing capabilities in EVs.
• ​Aligns with the government’s aim to position India as a global hub for advanced automotive and clean mobility solutions.

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Sources: Exchange filings by Ola Electric Mobility Limited; Ministry of Heavy Industries; Business Standard; The Hindu Business Line; CNBC TV18.