Ola Electric Mobility Limited — Important, 04-03-2025: General Updates

Ola Electric Mobility Limited's wholly owned subsidiary, Ola Cell Technologies Private Limited, has entered into a Programme Agreement with the Ministry of Heavy Industries to participate in the Production Linked Incentive Advanced Chemistry Cell (PLI ACC) scheme. However, the company has received a letter from IFCI Limited highlighting the non-achievement of Milestone-1 as per the Programme Agreement's schedule. Ola Electric is currently coordinating with relevant authorities and preparing a response to address this issue. The situation warrants close monitoring, as it could have implications for the company's operational plans under the PLI ACC scheme.