Ola Electric Receives Notice From IFCI Over Missed PLI Targets

Ola Electric Mobility Cell Technologies, a wholly-owned subsidiary of the company, had entered into a programme agreement with the Ministry of Heavy Industries to participate in the scheme

The company confirmed it is actively engaging with the relevant authorities and is in the process of submitting an appropriate response

Source : Somnath Chatterjee

Ola Electric Mobility said on Tuesday that its wholly-owned subsidiary had received a letter from IFCI regarding its failure to meet the targets specified under the Production Linked Incentive Advanced Chemistry Cell (PLI ACC) scheme.

According to a PTI report citing government sources, the company did not fulfil the production and investment-related criteria outlined in the PLI ACC scheme.

In a regulatory filing, Ola Electric stated, "We would like to inform you that we are in receipt of a letter from IFCI Ltd for non-achievement of Milestone -1 as per schedule M of the Programme Agreement dated July 28, 2022."

The company confirmed it is actively engaging with the relevant authorities and is in the process of submitting an appropriate response.

lithium-ion Cells In India

Ola Electric Mobility Cell Technologies, a wholly-owned subsidiary of the company, had entered into a programme agreement with the Ministry of Heavy Industries to participate in the scheme. IFCI Ltd was appointed as the project management agency for the PLI ACC scheme.

In a statement, an Ola spokesperson clarified, "We commenced trial production at our Gigafactory in March 2024 and successfully received the BIS certification for our lithium-ion cells in May 2024. We have already announced the commercial production of our cells beginning Q1 FY26, and we are well on track to meet the set timelines." The spokesperson further stressed that Ola Electric will be the first company to commercially manufacture lithium-ion cells in India under the government's ACC PLI scheme.

Ola's New Employee Initiative 

Meanwhile, last week, Aggarwal announced a new initiative via an internal email, called ‘Kya Chal Rha Hai?’, according to CNBC TV18. The Hindi phrase translates to ‘What’s going on?’. Under this policy, employees are required to send a weekly email outlining three to five key tasks they’ve accomplished at work.

The CEO stated that these reports must be submitted to both the employee’s manager and a designated company email, without exception. The first deadline for submission was set for the end of the day following the announcement, and moving forward, employees will be required to send these reports every Sunday, according to the report.