FAME II subsidy disbursal has been stopped by GOI to 6 major EV 2W companies due to gross violations of localisation norms. The affected companies are – Hero Electric, Okinawa, Jitendra EV, Ampere, Revolt and Okoye.
4 of these – Okinawa, Hero Electric, Ampere and Revolt are FIEM customers. Need to understand from Management in the upcoming concall, what is the net impact of this on Ola. Although % of business would be relatively small, but all of this business was high margin LED lighting.
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