Olectra bags Rs 500 cr order for EV buses from TSRTC

Hyderabad: Olectra Greentech Limited, a part of MEIL group, has bagged another order from TSRTC for 300 electric buses. The value of this order is nearly Rs500 crore, according to a company's statement on Friday.

Evey Trans Private Limited (EVEY),another MEIL group company, has received the Letter of Award (LoA) from TSRTC. The order is to supply 300 Electric Buses under the FAME-II scheme of the Government of India. These 300 E-buses will be supplied on a Gross Cost Contract (GCC) /OPEX model basis for 12 years. EVEY will procure these buses from Olectra Greentech Limited, which shall be delivered over a period of 20 months. During the contract period, Olectra will undertake the maintenance of these buses. This transaction between Olectra and EVEY is to be considered related party transactions and shall be on an arm's length basis, the company said.

KV Pradeep, Chairman and Managing Director, Olectra Greentech Limited said, "We feel happy to receive another prestigious order. We are proud to serve the Telangana citizens with our state-of-the-art zero-emission buses. Our buses have already been serving in Hyderabad for the last three years and are successfully transferring the passengers to the airport. We will deliver the buses as per the schedule and will give the best commuting experience."