Good news for Bhavish Aggarwal, Ola Electric secures Rs 366 crore from…

Bhavish Aggarwal’s Ola Electric has received an enforcement order from the Ministry of Heavy Industries to release incentives worth Rs 366.78 billion under the production-linked incentive (PLI) scheme, PTI reported. The company said in a statement that the sanction relates to demand stimulation for the sales value set for FY 2024-25 and authorizes payment of Rs 366.78 billion through IFCI Limited.

What is PLI-Auto Scheme?

PLI-Auto Scheme is the flagship initiative of the Government of India (GOI) aimed at strengthening domestic manufacturing, promoting advanced automotive technologies and enhancing India’s global competitiveness in the automobile and auto components sector.

He added that the incentive given to Ola Electric was approved in accordance with the prevailing 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 in vertically integrated manufacturing driven by scale, localization and technology.

“The sanction of Rs 366.78 billion under the PLI-Auto Scheme is a strong endorsement of Ola Electric’s manufacturing capabilities and our commitment to create world-class EV technology in India,” Ola Electric spokesperson said.

The spokesperson added that this incentive recognizes the company’s continuous efforts to scale domestic production, deepen localization and increase innovation in the electric mobility value chain. “We are committed to supporting the Government of India’s vision of making India a global hub for advanced automotive manufacturing and clean mobility,” the spokesperson said.