Mumbai, Oct 28: The Maharashtra government has approved an additional incentive of Rs 66.82 crore — yaani about Rs 668 million — for Bajaj Auto under its 2021 Electric Vehicle Policy, covering 66,817 electric two-wheelers the company sold after the scheme's original eligibility limit was exhausted, BioEnergy Times reported, citing a CNBC TV18 report.

Source: BioEnergy Times

The decision was cleared by the state Cabinet at a meeting chaired by Chief Minister Devendra Fadnavis. The government approved the financial assistance as a special case, citing Bajaj Auto's contribution to Maharashtra's industrial development and its investments in the state, BioEnergy Times reported.

Source: BioEnergy Times

Autocar Professional reported the same decision independently: the Maharashtra government has approved Rs 66.82 crore in additional incentive funding for Bajaj Auto under the Maharashtra Electric Vehicle Policy-2021, after the state-level incentive ceiling of one lakh electric two-wheelers had already been reached through the combined sales of manufacturers operating in Maharashtra.

Source: Autocar Professional

Rs 66.82 croreadditional incentive approved
66,817extra Bajaj electric two-wheelers covered
1 lakhoriginal policy ceiling, already exhausted

Under the policy, manufacturers first extend the applicable purchase incentives to eligible buyers at the time of sale and later seek reimbursement from the state government. Bajaj Auto had sought reimbursement for the incentives it had passed on for the additional 66,817 vehicles sold beyond the prescribed limit, and the Cabinet has now sanctioned the amount for those vehicles.

Source: Autocar Professional

The state says the incentive scheme is aimed at accelerating electric vehicle adoption, encouraging investment in Maharashtra's automotive sector and promoting cleaner mobility. The approval allows the additional funding to be paid for the specified vehicles despite the original two-wheeler allocation having been exhausted.

Source: BioEnergy Times