Ola Cell Technologies Pvt Ltd (OCTPL), a subsidiary of Ola Electric Mobility Ltd (OEML), is set to invest over ₹2,000 crore in capital expenditure this fiscal for expanding its lithium-ion cell manufacturing capacity.
OCTPL is establishing a lithium-ion cell facility in Krishnagiri, Tamil Nadu, having invested ₹1,200 crore as of September 2024, with Phase 1(a) reaching a 1.4-GWh capacity. The cells produced have received BIS certification and are in the homologation phase with electric vehicles. OCTPL aims to integrate its cells into electric two-wheelers by Q1 FY2026, with production ramping up thereafter.
The company is also expanding to 5 GWh in Phase 1(b) and plans to increase capacity to 20 GWh in future phases. OCTPL’s ₹2,200 crore capex will be financed through debt and equity, with additional funds from OEML’s IPO helping to reach 6.4 GWh capacity.
OCTPL has been granted benefits under the ACC-PLI scheme for its 20 GWh unit, eligible for subsidies starting FY2025. The company’s liquidity remains strong, supported by periodic fund infusions from OEML and an undrawn term loan of ₹1,288 crore, along with ₹1,335 crore in unencumbered cash and liquid investments as of September 2024.
Bhavish Aggarwal
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