Olectra Greentech, in a recent stock exchange filing, that it was on the verge of landing an order to supply electric buses worth Rs.700 crore.
The Hyderabad-based company said that Evey Trans Pvt Ltd, an associate company, has emerged as L1 bidder for an order to supply 350 electric buses to an unnamed state government undertaking.
The said tender would involve the supply of electric buses on gross cost contract (GCC)/OPEX model basis for a contract period ranging from 10 to 12 years.
Once Evey Trans receives the formal letter of award, Evey will procure these electric buses from Olectra Greentech Ltd. The value of this tender, for Olectra Greentech, is around Rs.700 crore.
“The transactions between Olectra Greentech and Evey Trans are to be considered as related party transactions and shall be done at arm’s length,” Olectra said in the filing.
Established in 2000, Olectra Greentech Ltd (a public listed company formerly known as Goldstone Infratech Ltd and part of the MEIL Gruop) – pioneered the introduction of electric buses in India in 2015. It is also the largest manufacturer in India for silicone rubber/composite insulators for the power transmission and distribution industry.