Ola Electric secures Rs 366.78 cr PLI-Auto incentive for FY25

New Delhi: Ola Electric on Thursday said it has received a sanction order from the Ministry of Heavy Industries for the release of incentives amounting to Rs366.78 crore under the production-linked incentive scheme. The sanction pertains to the demand incentive for the determined sales value for FY 2024-25, and authorises a payment of Rs366.78 crore to be released through IFCI Limited, the designated financial institution for disbursement under the scheme, the Bengaluru-based firm said in a statement. The incentive has been sanctioned in accordance with theapplicable terms and conditions of the PLI-Auto Scheme, as amended from time to time, it added.