Ola Electric Secures First E-scooter Approval for Government's PLI Scheme
The Ministry of Heavy Industries (MHI) granted this approval after a meticulous four-month evaluation.
January 01, 2024. By Abha Rustagi
The Ministry of Heavy Industries (MHI) granted this approval after a meticulous four-month evaluation, although no official statements have been released by either the government or Ola Electric.
Ola Electric's achievement places it ahead in the race for the PLI scheme among notable competitors such as Hero MotoCorp, TVS Motor Company, Bajaj Auto, and others. For e2W startups, a minimum fresh investment of INR 1,000 crore is a prerequisite to qualify for the PLI scheme.
Last week, Ola Electric took another stride by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), setting the stage for the first-ever IPO by an Indian EV firm.
The IPO will include a fresh issue component of INR 5,500 crore and an offer for sale (OFS) category of around INR 1,750 crore. Ola Electric plans to utilize the funds to expand its EV business and establish a lithium-ion cell manufacturing facility.
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