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Ola Electric has committed total investments of Rs 3,500 crore in five years, much higher than the minimum investment required for such firms (Rs 2,000 crore) under the production-linked incentive (PLI) scheme for the automobile industry. It is one of six non-automotive investors that made the cut for the scheme.
Sources say Ola had announced that it would invest Rs 2,400 crore in the first phase of its electric two-wheeler plant with an initial capacity of 2 million and work started in February-March 2021. As part of the scheme’s conditions, it will be able to include a substantial chunk of the
