Ola Electric Mobility Limited has disclosed that its wholly owned subsidiary, Ola Cell Technologies Private Limited (OCTPL), has received a notice from IFCI Limited regarding the non-achievement of Milestone-1 under the Production Linked Incentive (PLI) Advanced Chemistry Cell (ACC) scheme.
Key Details:
- Regulatory Filing Date: March 4, 2025
- Project Management Agency: IFCI Limited
- Scheme: PLI ACC under the Ministry of Heavy Industries
- Concern Raised: Non-achievement of Milestone-1 as per the Programme Agreement dated July 28, 2022
Ola Electric has assured that it is actively engaging with the relevant authorities to resolve the matter and is in the process of filing an appropriate response. The company has also made this disclosure available on its official website for investor reference.
This development comes amid Ola Electric’s broader expansion into battery manufacturing and its push to establish a strong foothold in India’s evolving EV landscape.
Disclaimer
The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions.