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Ola Electric Gets Revised PLI Timeline, Unlocks ₹7,240 Crore Incentive
MHI approval extends PLI window to five years through CY2031 for Ola's 20 GWh allocation, with quarterly disbursements starting next quarter. Bhavish Aggarwal says the revision transforms cell business economics.
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Ola Electric Mobility said Wednesday the Ministry of Heavy Industries approved revised timelines under the ACC production-linked incentive scheme for its wholly owned cell subsidiary, Ola Cell Technologies. The revision extends the PLI window to five years through CY2031 for the company's 20 GWh allocation and unlocks up to ₹7,240 crore in cumulative incentives, Ola Electric said in a statement.
Disbursements will begin next quarter and continue quarterly, creating a recurring incentive stream as the company scales its cell business, it added.
Ola Electric currently has 2.5 GWh of installed cell-manufacturing capacity, with another 3.5 GWh under installation. The company expects to reach 6 GWh by the end of the current quarter, hitting the initial capacity milestone well ahead of the revised December 2026 deadline.
The MHI decision effectively extended the original timelines by two years. Lithium cells are becoming foundational across electric mobility, energy storage, drones, robotics and next-generation industrial systems, Ola Electric said. Building these capabilities in India will strengthen energy security and technology independence while creating a competitive domestic battery ecosystem, it added.