Ola Electric revises IPO fund use amid gigafactory delay
EV market growth
.
"Proposed variation in the objects / terms of utilisation of the Initial Public Offering ('IPO') proceeds and extension of time limit for utilisation of IPO proceeds ('Proposed Variation')," said in an exchange filing.
Earlier aiming for a 20 GWh capacity by 2026, Ola now plans to limit its Tamil Nadu facility to 5 GWh till FY2029. Only ₹2,681 crore of the IPO proceeds have been used; ₹2,594 crore remains unutilised, including ₹1,228 crore initially marked for cell manufacturing expansion.
The change impacts Ola's commitment under the Centre's ₹18,100 crore
PLI scheme for battery storage
. The company may face up to ₹100 crore in penalties for missing milestones. It is currently engaging with the government to revise the scheme's timelines.
Ola has begun cell production, and integration into its EVs is expected by the festive season.
The decision reflects broader trends in the Indian EV space, where the pace of adoption has not matched earlier projections. Ola's revised manufacturing strategy signals a more cautious, demand-driven approach as the company adjusts its long-term capital plans.
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