Ola Electric Secures ₹7,240 Crore PLI Boost

Ola Electric announced on Wednesday that the Ministry of Heavy Industries approved revised timelines for its subsidiary, Ola Cell Technologies, under the Advanced Chemistry Cell (ACC) Production Linked Incentive (PLI) scheme. This revised approval extends Ola Electric's allocation for 20 GWh ACC through calendar year 2031.

The extended timeline is expected to unlock cumulative incentives totaling up to ₹7,240 crore over a full five-year period. These incentives will be disbursed quarterly, starting next quarter, providing a steady financial stream as the company scales its cell manufacturing operations.

Ola Electric has already achieved 2.5 GWh of installed cell manufacturing capacity and anticipates reaching 6 GWh by the end of the current quarter, surpassing the initial December 2026 milestone. Chairman and Managing Director Bhavish Aggarwal noted that the company had not factored in PLI incentives after missing original deadlines but is now positioned to access the full potential of the ₹7,240 crore.

This development occurs as Ola Electric prioritizes in-house cell manufacturing to decrease reliance on imported cells and components. The company is developing a multi-chemistry cell platform, including NMC and LFP technologies, for its electric two-wheelers and battery energy storage solutions. Further details on its energy product roadmap, including home and commercial storage brands, are slated for unveiling on Independence Day.