Ola Electric inks pact with heavy industries ministry for making advanced batter cells

PTI, Jul 29, 2022, 10:42 AM IST

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Ola Electric on Thursday said it has signed an agreement with the ministry of heavy industries for local manufacturing of advanced battery cells under the government’s production-linked incentive scheme.

In March this year, the ministry had announced that four companies — Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy — are eligible for receiving benefits under the Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery storage.

The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms would receive incentives under India’s Rs 18,100-crore incentive programme to boost local battery cell production.

In a statement, Ola Electric said it will begin mass production for lithium-ion cells by 2023.

“The ACC PLI scheme will be instrumental in making India self-reliant and localising the most critical aspects of the electric vehicle value chain,” Ola CEO and founder Bhavish Aggarwal said.

Earlier this month, Ola had announced an investment of $500 million (about Rs 4,000 crore) to set up a cell research and development facility in Bengaluru.

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