Ola Electric set to invest Rs 3,500 crore in five years under PLI scheme

Ola Electric has committed total investments of Rs 3,500 crore in five years, much higher than the minimum investment required for such firms (Rs 2,000 crore) under the production-linked incentive (PLI) scheme for the automobile industry. It is one of six non-automotive investors that made the cut for the scheme.

Sources say Ola had announced that it would invest Rs 2,400 crore in the first phase of its electric two-wheeler plant with an initial capacity of 2 million and work started in February-March 2021. As part of the scheme’s conditions, it will be able to include a substantial chunk of the