Waiting to resolve subsidy deadlock, recover 500 crores: Hero Electric CEO

Hero Electric on Sunday said that they are awaiting a formal communication from the Ministry of Heavy Industries towards quickly resolving the subsidy deadlock, which could be the first step to help the EV company recover Rs 500 crore held up with the Department as unpaid subsidy quickly.

There has been news in the media about the possibility of Hero Electric being asked to give back the subsidy.

“In our recent exchanges with the Department, we have been made aware of the efforts by the Department to find a solution that passes muster by due process at the ministry level and are confident that a practical solution is round the corner,” Sohinder Gill, CEO, Hero Electric, said in a statement.