Ola Electric Secures INR 73.74 Crore PLI Incentive

Ola Electric Technologies Pvt. Ltd., a wholly owned subsidiary of Ola Electric Mobility Ltd., has announced that the Government of India has sanctioned an incentive of INR 73.74 crore under the Production Linked Incentive (PLI) Scheme for Automobiles and Auto Components (PLI-Auto Scheme) for the Determined Sales Value of FY 2023-24.

With this approval, Ola Electric becomes the first electric two-wheeler (E2W) manufacturer to receive incentives under the scheme.

In a regulatory filing, Ola Electric stated that the sanctioned amount will be disbursed through IFCI Limited, the designated disbursing agency under the scheme.

The PLI-Auto Scheme was introduced in the year 2021 to promote domestic manufacturing and innovation in the electric vehicle (EV) and auto component sector. It provides incentives based on the determined sales value of eligible products. Ola Electric’s claim for FY 2023-24 has been approved under this framework.

While Ola Electric is the first E2W manufacturer to receive incentives, Mahindra & Mahindra and Tata Motors were the first original equipment manufacturers (OEMs) to secure PLI-Auto incentives in January 2025, with approved disbursals totalling INR 246 crore. Additionally, in February 2024, Sona BLW Precision Forgings (Sona Comstar) became the first automotive component manufacturer to be certified under the scheme.

Ola Electric has been a key player in India’s EV revolution, focusing on localised production of electric two-wheelers and battery technology. The PLI-Auto Scheme’s financial support will further strengthen the company’s investments in research, development, and expansion of manufacturing capabilities.

This milestone highlights the government’s continued support for EV manufacturers under the PLI framework, further accelerating India’s transition towards sustainable mobility.