Olectra bags biggest ever order of electric buses worth Rs 3,675 crore – EQ Mag Pro

“Olectra Greentech Ltd (OLECTRA) has bagged the biggest ever order in its history for 2,100 electric buses from BEST,” a company statement said.

Electric buses manufacturer Olectra Greentech, part of the Hyderabad headquartered multidisciplinary conglomerate Megha Engineering and Infrastructures Ltd (Meil), has on May 23 announced securing the biggest ever order in the history for 2,100 electric buses from Bhrihanmumbai Electric Supply and Transport (BEST) worth Rs 3,675 crore.

Evey Trans Private Ltd (EVEY), an arm of Olectra, has obtained the letter of award from BEST after being declared as an L1 (least quoted) bidder.

BEST had in October 2021, while presenting the annual budget for 2022-23, announced its plans to procure 2,100 electric buses which includes dedicated services to corporate houses and business hubs, and set up over 50 electric vehicle charging stations across Mumbai.

BEST had announced that these 2,100 electric buses to be procured through competitive bidding process would include double-decker buses, mini-AC buses, midi AC buses and single-decker buses and that at least 50% of its overall fleet will be of electric buses by March 2023, while the aim was to have the entire fleet of electric buses by March 2027.

In a statement, Olectra said this is the biggest order (letter of award) in the Indian electric mobility history as on date wherein the order is to supply 2,100 electric buses on the gross cost contract/ operational expenditure model spanning 12 years.

EVEY shall procure these 2,100 electric buses either directly by itself or through its special purpose vehicle from Olectra Greentech to be delivered over a period of 12 months.

Olectra shall also undertake maintenance of these buses during the contract period and this transaction between Olectra and EVEY is to be considered related party transactions and shall be on an arm’s length basis, said the statement.

“Running the largest Electric Bus fleet in India’s financial capital is a matter of pride,” said Olectra Greentech’s Chairman and Managing Director KV Pradeep.

Olectra Greentech is already operating 40 electric buses for BEST in Mumbai, apart from operating electric buses in various state transport undertakings such as Pune, Hyderabad, Goa, Dehradun, Surat, and Ahmedabad, Silvasa, and Nagpur.

Olectra Greentech, a listed subsidiary of Meil group, is India’s largest pure electric bus manufacturer with its manufacturing facilities at Hyderabad. It is also touted as the country’s first ever electric bus manufacturer having manufactured and deployed all variants of electric buses in India. The Hyderabad headquartered electric vehicles manufacturer is currently in the process of expanding its product line in the e-mobility segment for 3-wheeler electric autos and electric trucks.

On May 23, the Olectra Greentech stock on Bombay Stock Exchange gained 3.87% to close at Rs 564.55 a share.

Source: PTI