Week In India: Olectra And EVEY Secures Rs. 10,000 Crore Order For 5,150 Electric Buses From MSRTC; Minda Corp Secures Rs 750 Crore Contract For EV Battery Chargers; And More


Olectra And EVEY Secures Rs. 10,000 Crore Order For 5,150 Electric Buses From Maharashtra State Road Transport Corporation

In a significant development for the electric vehicle industry, the consortium of Olectra Green Tech Limited (Olectra) and Evey Trans Private Limited (EVEY) has received a Letter of Intent (LOI) from the Maharashtra State Road Transport Corporation (MSRTC) for the supply, operation, and maintenance of 5,150 electric buses. Under the terms of the contract, the consortium comprising Olectra and EVEY will be responsible for the supply, operation, and maintenance of 5,150 electric buses, along with the associated electrical and civil infrastructure, on a Gross Cost Contract (GCC) basis. The contract duration is set at 12 years.

Minda Corp Secures Rs 750 Crore Contract For EV Battery Chargers

Minda Corporation Limited, the flagship company of Spark Minda has secured a significant contract from a leading OEM to produce Battery Chargers for Electric Vehicles (EVs). The lifetime value of the order is Rs 750 crores. This big order win underscores the company’s commitment towards sustainable mobility and enhances its range of EV offerings. The awarded product will be manufactured at Spark Minda’s state-of-the-art, Spark Minda Green Mobility Systems Private Limited (a wholly owned subsidiary of Minda Corporation Limited) facility at Pune.

Neuron Energy Raises Rs 200 Million In Pre-Series A Round Led By Equanimity Investments And Rajiv Dadlani Group

EV smart battery manufacturer Neuron Energy has successfully raised Rs 200 million in their Pre-Series A Round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group and also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with reputed Family Offices and HNI investors. This funding round marks a major milestone for the promising lithium-ion EV smart battery manufacturer, Neuron Energy, which has been rapidly growing since its inception in 2018. The Company plans to use the funds primarily to support key initiatives, such as obtaining essential ICAT Certifications and investing in mould development, along with strengthening the workforce by expanding the R&D team and hiring CXOs and senior management.

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Lectrix EV Launches Instant Loan Eligibility Tool For Two-Wheelers

Lectrix EV, a prominent electric vehicle brand, has introduced a new feature on their website that allows customers to instantly check their eligibility for a two-wheeler loan, completely free of charge. This tool is aimed at streamlining the purchasing process, saving time, and alleviating customer concerns. Lectrix EV prioritizes the needs of its customers, understanding the complexities involved in decision-making for small retail buyers. The loan eligibility tool provides various services, including options for loan tenure, bank selection, and eligibility assessment based on income levels.

Quantum Energy Partners With Bike Bazaar To Revolutionize Last-Mile Delivery With Electric Scooters

Quantum Energy, a leading electric vehicle (EV) start-up specializing in the design, development, manufacturing, and sales of electric scooters, has announced its strategic tie-up with Bike Bazaar, an RBI-registered finance company that specialises in retail financing of Pre-Owned & New-vehicles. The agreement involves collaborating and powering a substantial number of Quantum Bziness Pro e-scooters, thereby facilitating eco-friendly transportation options and catering to the needs of last-mile deliveries. Quantum Energy’s Bziness Pro e-scooter sets a new standard in its category, providing an innovative and transformative means of transportation that is both speedy and environmentally friendly.

Okaya EV Partners With Various Financial Institutions; To Provide Attractive Financing For Electric Vehicles

Okaya EV, a manufacturer of electric vehicles, has formed a partnership with 12 financial solution providers, including well-known institutions such as HDFC, Axis, IDFC, Loan Tap, Bike Bazaar, and others. The objective of this collaboration is to provide customers of Okaya EV with appealing financing choices for their electric vehicles. Through this collaboration, Okaya EV will provide customers with the lowest interest rates, starting from 5.99%. Additionally, customers can take advantage of benefits such as zero down payment, zero processing fees, and flexible loan terms of up to 48 months for both low-speed and high-speed electric vehicles. Okaya EV promises quick loan approvals, with a turnaround time of just 30 minutes.

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Kinetic Engineering Approves Rs 54 Crore Fundraising; To Strengthen Auto Component Business And Invest In EV Subsidiary

Kinetic Engineering Limited in its recently concluded board meeting, has approved the raising of over Rs 54 crores from various available sources including promoters & sale of its non-core assets. Accordingly, the board approved the issue of 22.85 Lakh equity shares on a preferential basis, to promoters & promoter group companies totalling Rs. 26.27 Cr at a price of Rs. 115 per share (including a premium of Rs 105 per share). This is the 3rd year in a row that promoters have increased their stake in the company, which will stand at 59.35%. The previous year’s conversion includes 9,95,000 shares in 2021-22 & 11,72,879 shares in 2022-23.

Andhra Pradesh Launches Centre Of Excellence For EV Skills And Training

In a move to foster development in the YSR Kadapa district, Chief Minister Y S Jagan Mohan Reddy inaugurated the Center of Excellence for Electric Vehicle Skills and Training. This collaborative effort between EV Masterclass, NREDCAP, and APSSDC aims to enhance skill development in electric vehicle technology. The Andhra Pradesh government has been actively promoting sustainable mobility through various programs, such as the deployment of electric vehicles in municipalities and providing electric two-wheelers to government employees.

Tube Investments Of India Expands Presence In EV Market; Targeting Electric Tractors And Electric Trucks

Engineering firm Tube Investments of India Ltd is aiming to expand its presence in the electric vehicle (EV) market by capitalizing on the opportunities presented by electric tractors in agriculture and e-trucks in commercial vehicles. The company, a part of the Murugappa Group, is currently involved in the production of e-tractors in Chennai and e-trucks in Manesar. The shift towards sustainable mobility and the need to reduce CO2 emissions are driving the adoption of cleaner modes of transportation, according to Executive Chairman M A M Arunachalam. Tube Investments ventured into the EV business by acquiring a majority stake in IPLTech Electric Pvt Ltd, allowing it to become an original equipment manufacturer (OEM) of zero-emission vehicles.

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Indian Oil Sets Up 139 EV Charging Stations In Assam; Plans For 230 More In Northeast

Indian Oil has established 139 electric vehicle (EV) charging stations in Assam as part of the country’s efforts to achieve net zero emissions by 2070. In total, 270 such stations have been installed across the Northeast region. Indian Oil plans to set up an additional 230 EV charging stations in the Northeast during the current fiscal year. By promoting the adoption of EVs and reducing carbon emissions, Indian Oil aims to achieve zero emissions by 2046, in line with the country’s 100 years of independence. The Assam government has introduced policies to encourage the use of EVs, including converting government and public transport vehicles to EVs by 2030.

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