Olectra Greentech Bags Order Of 1400 E-Buses Of Worth 2400 Crores

A file photo of Olectra Greentech K9 E-Bus

Olectra Greentech, a leader of the Indian electric vehicle industry for bus bags an order of 1400 E-buses. The value of these 1,400 Buses would be approximately Rs. 2,450 Crores.

With this order, the total count of E-buses related orders will be approximately 8000-10,000 in the country at the industry level and this will help in boosting the Indian EV ecosystem.

Evey Trans Private Limited (EVEY) has been declared as the Least Quoted (L-1) bidder for 1,400 (+ 50% Variation) Electric Buses from one of the State Transport Undertakings.

This Tender is for the supply of the said Electric Buses on the Gross Cost Contract (GCC) / OPEX model for a period of 12 years (Contract Period).

Once the Letter of Award is received by EVEY, it shall procure (either directly by itself or through its Special Purpose Vehicle) these Electric Buses from Olectra Greentech Limited (Olectra) and which shall be delivered over a period of 12 months.

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The maintenance of these buses shall also be undertaken by Olectra during the Contract Period. This transaction between Olectra and EVEY is to be considered a related party transaction and shall be on an arm’s length basis.

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