Ola Electric secures ₹7,240 cr PLI extension through 2031
Ola Electric just scored an extension from the government's ₹18,100 crore Production-Linked Incentive (PLI) scheme, letting them claim up to ₹7,240 crore in subsidies through 2031.
With this new timeline, Ola is aiming to ramp up battery production, specifically nickel-manganese-cobalt and lithium-iron-phosphate cells, to a 6 GWh capacity by the end of this quarter.
No PLI funds disbursed since 2021
The revised deadline gives Ola more time to hit key milestones and finally tap into those PLI funds, something no company has managed yet since the scheme launched in 2021 (thanks to delays like tech shortages and lack of skilled workers).
While it was not immediately clear whether Reliance Industries and Rajesh Exports have got similar extensions, the cell makers under the PLI ACC scheme now get a 2-year gestation period followed by a 5-year disbursement window as domestic value addition rises to 60%.
This move should help India step up its battery game after earlier setbacks.