Ola Electric sign an agreement with the Ministry of Heavy Industries under PLI scheme

July 29, 2022

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Electric mobility startup Ola Electric announced the signing of an agreement with the Ministry of Heavy Industries under the government’s Production Linked Incentive (PLI) scheme to manufacture advanced chemistry cells for EVs in India.

The Indian government had approved the PLI scheme for manufacturing EV battery cells in 2021 at an estimated cost of INR 18,100 Cr. Ola Electric, along with Rajesh Exports, Hyundai Global Motors Company, and others, were chosen for the scheme in March of this year and would receive incentives for 20 gigawatt hours (GWh) of battery storage capacity. According to Ola Electric’s most recent announcement, it is the only Indian EV company to receive incentives under the Advanced Cell Chemistry (ACC) PLI scheme.

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