Ola Electric gets Rs 95.81 crore PLI incentive for third straight year

Ola Electric has secured a Rs 95.81 crore incentive under the PLI Scheme for Automobile and Auto Components for the third consecutive year. The amount was approved by the Ministry of Heavy Industries for the financial year 2026-27.

Ola Electric secured a sanction order for a Rs 95.81 crore incentive under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for the third consecutive year, according to a press release issued by the company.

The incentive, amounting to Rs 95,80,91,273, was approved by the Ministry of Heavy Industries, Government of India. The allocation pertained to the Demand Incentive under the PLI-Auto Scheme for the financial year 2026-27.

Under the sanction order, the Ministry authorised the payment for disbursement through IFCI Limited, which acted as the designated Central Nodal Agency under the scheme. The sanction was granted in accordance with the applicable terms and conditions of the PLI-Auto Scheme, as amended from time to time.

This marked the third straight year that Ola Electric received incentives under the central programme. The company previously secured a sanction of Rs 73.74 crore for the financial year 2023-24, announced in March 2025, followed by Rs 366.78 crore for the financial year 2024-25, announced in December 2025.

'Strong Endorsement of Capabilities'

The company stated that the milestone highlighted its role in India's advanced automotive manufacturing ecosystem and reflected its execution across manufacturing scale, localisation, and vertically integrated technology.

"The sanction of Rs 95.81 crore under the PLI-Auto Scheme, for the third consecutive year, is a strong endorsement of Ola Electric's manufacturing capabilities and our commitment to building world-class EV technology in India," an Ola Electric spokesperson said in a statement.

The spokesperson further noted that the financial support validated the company's operational roadmap across its supply and production chain. "This incentive recognises our sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain," the spokesperson added.

"We remain committed to supporting the Government of India's vision of making India a global hub for advanced automotive manufacturing and clean mobility," the spokesperson stated.

About the PLI-Auto Scheme

The PLI-Auto Scheme operates as a flagship initiative of the Government of India. The programme was designed to strengthen domestic manufacturing, encourage the adoption of advanced automotive technologies, and enhance the global competitiveness of the country's auto and auto components sector. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)