Ola Electric: Ola Electric’s battery unit receives IFCI notice for missing PLI-ACC scheme targets

Ola Electric Mobility said it is engaging with relevant authorities and in the process of filing an appropriate response, after IFCI Ltd wrote to its subsidiary Ola Cell Technologies about it failing to meet targets under the production-linked incentive scheme for advanced chemistry cell.

IFCI, the project management agency for some of the PLI schemes, has flagged non-achievement of the first milestone under the scheme, the Bengaluru-based company said in a stock exchange filing on Tuesday.

The Ola Electric unit, Reliance New Energy Battery Storage and…