New Delhi, June 8 -- Ather Energy is finalising its participation in the government's Rs.1-trillion research, development, and innovation (RDI) scheme, according to three people aware of the matter. This move will give the electric vehicle maker access to low-cost, long-term debt funding for its projects, filling a crucial gap while its inclusion under the production-linked incentive (PLI) auto scheme remains stalled.

The company is finalising the term sheet for the loan facility, which could provide working capital for R&D. The funding features interest rates as low as 2-3%, with disbursements linked to milestones for projects that have already been approved under the scheme.

The move comes as rivals TVS Motor, Bajaj Auto and Ola Elect...