Olectra Greentech Ltd updates on order for 1400 Electric Buses

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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 supply of the said Electric Buses on 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.

The value of these 1,400 Buses supply would be approximately Rs. 2,450 Crores for Olectra. Maintenance of these buses shall also be undertaken by Olectra during the Contract Period.

This transaction between Olectra and EVEY is to be considered as related party transactions and shall be on arm’s length basis.