The first e-scooter firm to get PLI accreditation is Ola Electric
 |
| The first e-scooter firm to get PLI accreditation is Ola Electric |
According to industry analysts, the incentive payout under the plan may represent as much as 18% of the sales value.
An electric scooter manufacturer hopes to raise Rs 5,500 crore via the stock markets.
Relatives close to the firm informed Moneycontrol, demanding anonymity, that the Ministry of Heavy Industries (MHI) has verified that IPO-bound Ola Electric is qualified to receive subsidies under the production-linked incentive (PLI) program. With this, Ola Electric joins a number of other candidates, including Hero MotoCorp, TVS Motor firm, and Bajaj Auto, as the first e2W (electric two-wheeler) firm to get certification under the program. The aforementioned sources state that the certification was granted on December 27 and that the procedure took four months in total.
The PLI program offers financial incentives to businesses in order to encourage local manufacture, with the twin goals of lowering import dependency and increasing product prices. Requests for comments were not answered by a representative of the firm.
According to a source with knowledge of the situation, "Ola Electric has successfully met the eligibility criteria, such as minimum 50% domestic value addition in its vehicles." "To qualify for the PLI scheme, E2W startups must make a new investment of Rs 1,000 crore, and OEMs must have minimum revenues of Rs 10,000 crore," he said. Experts in the field predict that the incentive payout will amount to 18% of the sales price. will reach a maximum of 10%.
With its first public offering (IPO), the manufacturer of electric scooters hopes to collect Rs 5,500 crore by tapping the stock markets. Through an OFS (offer for sale), current owners will sell an additional Rs 1,750 crore worth of shares. With a 33 percent market share, Ola Electric now leads the E2W category, followed by TVS Motor, Bajaj Auto, and Ather Energy.
No comments:
Post a Comment