India, Dec. 25 -- Electric vehicle (EV) maker Ola Electric today said that it has received a sanction order from the heavy industries ministry (MHI) for the release of incentives totalling INR 366.78 Cr under a production-linked-incentive (PLI) scheme.

In a filing with the exchanges, the company said that the incentives under the PLI scheme for automobiles and auto components pertained to the fiscal year 2024-25 (FY25). The EV maker added that the sops will be disbursed via Industrial Finance Corporation of India (IFCI) Ltd., the nodal body for releasing the incentives under the scheme.

IFCI Ltd. is a state-backed development finance institution that provides medium and long-term credit to the industrial sector.

". This incentive recog...