Ola Electric secures 5-year PLI window, to get upto Rs 7,240cr in incentives

Ola Electric has secured a revised timeline under the Government’s Production Linked Incentive (PLI) scheme for advanced chemistry cells (ACC). The company secured a full five-year PLI window through calendar year 2031 and cumulative incentives of up to Rs 7,240 crore, the company said in a BSE filing. 

The Ministry of Heavy Industries (MHI) has revised the timelines for Ola Electric's battery unit and it has effectively extended the original timelines by two years. The filing disclosed that the disbursements will be made quarterly, starting from next quarter. 

“We hadn't factored any incentives into our business projections after overshooting the original timelines. Ola is now well ahead of the government's revised schedule, and enables us to access the full potential of Rs 7240 cr and receive disbursement as soon as next quarter," said Bhavish Aggarwal, chairman and managing director, Ola Electric. 

The company also said that currently it has 2.5 GWh of installed cell-manufacturing capacity, with a further 3.5 GWh under installation and will reach 6 GWh by the end of the current quarter. 

Ola Electric is building a multi-chemistry cell platform spanning NMC and LFP technologies. On Independence Day, the company plans to unveil its broader energy product roadmap including Shakti, Mahashakti, and the next phase of its energy platform.

(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director at Ola Electric.)