New Delhi: Ola Electric on Thursday said it has received a sanction order from the Ministry of Heavy Industries for the release of incentives amounting to Rs366.78 crore under the production-linked incentive scheme. The sanction pertains to the demand incentive for the determined sales value for FY 2024-25, and authorises a payment of Rs366.78 crore to be released through IFCI Limited, the designated financial institution for disbursement under the scheme, the Bengaluru-based firm said in a statement.

The incentive has been sanctioned in accordance with theapplicable terms and conditions of the PLI-Auto Scheme, as amended from time to time, it added.

This milestone reinforces Ola Electric's role as a key contributor to India's advanced automotive manufacturing ecosystem and reflects the company's strong execution across scale, localisation, and technology-led vertically integrated manufacturing, it stated. Commenting on the development, an Ola Electric spokesperson said, "The sanction of Rs 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".