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

New Delhi: Ola Electric on Friday said it has received a sanction order from the Ministry of Heavy Industries for the release of incentives amounting to Rs 95.81 crore under the Production Linked Incentive Scheme for Automobile and Auto Components (PLI-Auto Scheme).

The sanction pertains to the demand incentive under the PLI-Auto Scheme for FY 2026-27, and authorises the payment to be released through IFCI Ltd, the Central Nodal Agency designated for disbursement under the scheme, Ola Electric said in a statement.

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The incentive has been sanctioned in accordance with the applicable terms and conditions of the PLI-Auto Scheme, as amended from time to time, it added.

This is the second consecutive year in which Ola Electric has received an incentive under the PLI-Auto Scheme, following the sanction of Rs 366.78 crore for FY 2024-25 announced in December 2025, the company said.

The milestone reinforces Ola Electric's role as a key contributor to India's advanced automotive manufacturing ecosystem and reflects the company's strong execution across scale, localisation, and technology-led vertically integrated manufacturing, it added.

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

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The spokesperson further said, "This incentive recognises our sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain. 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 PLI-Auto Scheme is a flagship initiative of the Government of India aimed at strengthening domestic manufacturing, encouraging advanced automotive technologies, and enhancing India's global competitiveness in the auto and auto components sector.