Stock in Focus: Ola Electric Mobility Limited on Thursday said that it has received a sanction order from the Ministry of Heavy Industries for incentives worth ₹366.78 crore. This incentive has been released for FY25 under the Production Linked Incentives (PLI) scheme applicable for automobiles and auto components.
This incentive is linked to FY25 sales
According to Ola Electric, this incentive has been approved as a demand incentive linked to the sales value fixed for FY 2024-25. This amount will be paid under the PLI-Auto scheme through the designated financial institution IFCI Limited.
Approval on the terms of PLI-Auto scheme
Ola Electric said that this sanction has been given as per the applicable terms of PLI-Auto scheme. According to the company, this approval reflects its strong execution in scale, localization and vertically integrated manufacturing. Also, further strengthening its position in India’s electric mobility ecosystem.
Focus on local EV technology
An Ola Electric spokesperson said the incentive reflects the company’s manufacturing capabilities and its focus on developing electric vehicle technology in India. He said that this step is in accordance with the vision of the government, under which India is being made a global hub of advanced automotive manufacturing and clean mobility.
Why is PLI-Auto Scheme important?
PLI-Auto Scheme is an important initiative of the government, which aims to promote domestic manufacturing and encourage advanced automotive technology. Through this scheme, companies are given incentives for local production, technology development and value addition in India.
Status of Ola Electric shares
Shares of Ola Electric Mobility Limited closed at Rs 35.30 with a gain of 1.58% on Wednesday. Ola Electric shares have risen 10.62% in the last 5 trading sessions. However, the stock has fallen 13.03% in the last 1 month. It has lost 18.40% in 6 months. At the same time, Ola Electric’s stock has crashed by 62.27% in 1 year. The market cap of the company is Rs 14.80 thousand crore.
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