Ola Electric has been awarded a significant incentive of ₹95.81 Crore from the Ministry of Heavy Industries, Government of India, under the Production Linked Incentive (PLI)-Auto Scheme for FY 2026-27. This marks the third consecutive year Ola Electric has received such an incentive, highlighting its contributions to India’s advanced automotive manufacturing and EV ecosystem. The funds will be disbursed through IFCI Limited.
Ola Electric Receives ₹95.81 Crore PLI-Auto Incentive
Bengaluru, August 28, 2026 – Ola Electric announced today that it has received a sanction order from the Ministry of Heavy Industries, Government of India, for incentives amounting to ₹95.81 Crore (₹95,80,91,273) under the Production Linked Incentive Scheme for Automobile and Auto Components (PLI-Auto Scheme). This sanction pertains to the Demand Incentive for FY 2026-27 and will be disbursed through IFCI Limited, the designated Central Nodal Agency.
Third Consecutive Year of Incentive
This award represents the third consecutive year Ola Electric has received an incentive under the PLI-Auto Scheme. The company previously received ₹73.74 Crore for FY 2023-24 and ₹66.78 Crore for FY 2024-25. These consistent incentives underscore Ola Electric’s growing role as a key contributor to India’s advanced automotive manufacturing ecosystem, demonstrating strong execution in scaling production, localizing components, and driving technology-led vertical integration.
Company Commitment to EV Manufacturing
Commenting on the development, an Ola Electric spokesperson stated, “The sanction of ₹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. 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.”
About Ola Electric Mobility Limited
Ola Electric Mobility Limited is a leading electric vehicle (EV) manufacturer in India, specializing in the vertical integration of technology and manufacturing for EVs and their components, including battery cells. The company’s Ola Futurefactory in Tamil Nadu plays a crucial role in establishing India’s EV hub. Supported by Ola’s Battery Innovation Centre (BIC) in Bengaluru, the company’s R&D efforts span India, the UK, and the US. Ola operates a direct-to-customer distribution network and a robust online presence, making it one of the largest company-owned networks of automotive experience centres.
Source: BSE
