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

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

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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