Ola Electric shares surge 5% after ₹367cr PLI incentive approval
What's the story
Shares of Ola Electric Mobility jumped 5.4% on Friday after the company announced that it has been awarded an incentive of ₹366.78 crore under the Production Linked Incentive (PLI)-Auto scheme for FY25. The company's stock rose to ₹37.28 per share, marking gains for the second consecutive session. The sanction order was issued by the Ministry of Heavy Industries, Government of India, and will be disbursed through IFCI Limited.
Company statement
Ola Electric's incentive approval highlights commitment to EV technology
An Ola Electric spokesperson said, "The sanction of ₹366.78 crore under the PLI-Auto Scheme is a strong endorsement of Ola Electric's manufacturing capabilities and our commitment to building world-class EV technology in India." The company also emphasized that this incentive reflects their sustained efforts in scaling domestic production, deepening localization, and driving innovation across the electric mobility value chain.
Industry impact
Ola Electric's role in India's automotive manufacturing ecosystem
The PLI-Auto scheme is a flagship initiative by the Indian government to promote domestic manufacturing, advanced automotive technologies, and India's global competitiveness in the auto and auto components sector. The scheme aims to boost local production and encourage large-scale investments by offering performance-linked fiscal incentives.