With second PLI certification, IPO-bound Ola Electric eyes 13% subsidy

IPO-bound Ola Electric’s flagship S1 Pro e-scooter has received Domestic Value Addition (DVA) certification under the government’s production-linked incentive (PLI) scheme for the automobile and auto component industry to book a 13 per cent subsidy on the sales value. It is the second product from India’s largest electric two-wheeler manufacturer to receive the PLI mandate, even as the traditional incumbents struggle with localisation required to win the state subsidies, sources said.

Ola S1 Pro has successfully met the minimum localisation criteria of 50 per cent as mandated by the Ministry of Heavy Industries to benefit from the PLI scheme.