IPO-Bound Ola Electric Becomes First Indian EV Company To Get PLI Nod

IPO-Bound Ola Electric Becomes First Indian EV Company To Get PLI Nod

SUMMARY

While there has been no official confirmation from either the government or Ola Electric, it is worth noting that other major players like Hero MotoCorp, TVS Motor Company, and Bajaj Auto have also applied for the PLI scheme

Ola Electric has achieved the approval on the grounds of successfully meeting the scheme’s eligibility criteria, such as a minimum 50% domestic value addition in its vehicles

The electric scooter maker has already filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for an INR 7,250 Cr initial public offering (IPO)

IPO-bound Ola Electric has become the first Indian electric two-wheeler (e2W) company to become eligible for the government’s production-linked incentive (PLI) scheme.

The Ministry of Heavy Industries (MHI) has given its approval after a four-month-long process.

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