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Ola Electric Mobility Limited ( (IN:OLAELEC) ) has issued an update.
Ola Electric Mobility Limited has announced that its wholly owned subsidiary, Ola Electric Technologies Private Limited, has received a sanction order from India’s Ministry of Heavy Industries for demand incentives under the Production Linked Incentive Scheme for Automobile and Auto Components for FY 2024-25. The order approves payment of approximately Rs 366.8 crore to be disbursed via IFCI Limited against the subsidiary’s determined sales value, reinforcing Ola Electric’s eligibility under the PLI-Auto scheme and strengthening its financial support for scaling domestic EV manufacturing, which may enhance its competitive position in India’s rapidly evolving electric vehicle market.
More about Ola Electric Mobility Limited
Ola Electric Mobility Limited, formerly Ola Electric Mobility Private Limited, operates in India’s electric mobility sector, focusing on the manufacture and sale of electric vehicles and related technologies. Through its subsidiary Ola Electric Technologies Private Limited, the company participates in government-led incentive programmes aimed at boosting domestic production of automobiles and auto components, positioning itself as a key player in the country’s push toward electrification of transport.
Average Trading Volume: 4,153,872
Technical Sentiment Signal: Sell
Current Market Cap: 153.3B INR
For an in-depth examination of OLAELEC stock, go to TipRanks’ Overview page.