Ola Electric secures 5-year PLI window, to get upto Rs 7,240cr in incentives
A filing disclosed that the disbursements will be made quarterly, starting from next quarter.
Ola Electric has secured a revised five-year Production Linked Incentive (PLI) window under the Government's scheme for advanced chemistry cells (ACC), with a total potential incentive of up to Rs 7,240 crore, according to a BSE filing. The Ministry of Heavy Industries extended the timelines by two years, effectively renewing the PLI window through calendar year 2031.
Disbursements will commence in the next quarter, following the company's Chairman and Managing Director Bhavish Aggarwal who stated that the incentives were not previously considered in business projections due to overshooting the original timelines. Ola Electric currently boasts 2.5 GWh of installed cell-manufacturing capacity, with another 3.5 GWh set for installation, aiming to reach 6 GWh by the end of the current quarter.
The company is developing a multi-chemistry cell platform encompassing both NMC and LFP technologies. On Independence Day, Ola Electric intends to unveil its comprehensive energy product roadmap, which will feature Shakti, Mahashakti, and the forthcoming phase of its energy platform.
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