India, Dec. 26 -- Ola Electric on Thursday said it has received a sanction order from the Ministry of Heavy Industries for the release of incentives amounting to Rs.366.78 crore under the production-linked incentive scheme.

The sanction pertains to the demand incentive for the determined sales value for FY 2024-25, and authorises a payment of Rs.366.78 crore to be released through IFCI Limited, the designated financial institution for disbursement under the scheme, the Bengaluru-based firm said in a statement.

The incentive has been sanctioned in accordance with theapplicable terms and conditions of the PLI-Auto Scheme, as amended from time to time, it added.

Commenting on the development, an Ola Electric spokesperson said, "The sancti...