Ola Electric Signs Agreement with Ministry of Heavy Industries

Ola Cell Technologies Private Limited (OCTPL), a subsidiary of Ola Electric Mobility Limited, has signed an agreement with the Ministry of Heavy Industries. This partnership is aimed at benefiting from the Production Linked Incentive Advanced Chemistry Cell (PLI ACC) scheme, which promotes the development of advanced battery technology.

Project Oversight by IFCI Limited

Under this scheme, IFCI Limited has been designated as the Project Management Agency (PMA). Its role is to oversee and ensure compliance with the program’s requirements, helping participating companies, including Ola Electric, meet their milestones.

Delay in Achieving Project Milestone

Ola Electric has received a notice from IFCI Limited regarding the delay in meeting “Milestone-1” as outlined in the Programme Agreement dated July 28, 2022. The company is actively coordinating with relevant authorities to address the issue and is in the process of submitting an appropriate response.

Transparency and Public Disclosure

To maintain transparency, Ola Electric has made this disclosure publicly available on its official website under the investor relations section. The company remains committed to keeping stakeholders informed about developments related to the agreement.

Share Performance 

As of March 05, 2025, at 1:40 PM, the shares of Ola Electric are trading at ₹56.55 per share, reflecting a profit of 1.09% from the previous day’s closing price. Over the past month, the stock has registered a loss of 24.20%. The stock’s 52-week high stands at ₹157.40 per share, while its low is ₹53.62 per share.

Conclusion

While Ola Electric’s participation in the PLI ACC scheme reflects its commitment to advancing battery technology, the delay in milestone achievement highlights challenges in execution. The company is actively working with authorities to resolve the issue and remains transparent with stakeholders.

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