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Olectra Greentech bags 100 electric buses order worth Rs140cr under FAME-II scheme

These transactions between the Company and EVEY are to be considered as related party transactions and shall be on arm's length basis.

December 01, 2021 4:12 IST | India Infoline News Service
Olectra Greentech on Wednesday said that Evey Trans Private Limited (EVEY) has received a Letter of Award from one of the State Transport Corporations for 100 Electric Buses under the FAME-I1 scheme of the Government of India.

This order for the supply of 100 Electric Buses is on a Gross Cost Contract (GCC) / OPEX model basis for 12 years (Contract Period). The contract is valued at approximately Rs140cr to the Company.

EVEY shall procure these buses from Olectra Greentech Limited ("Olectra /Company") and which shall be delivered over 12 months. Maintenance of these buses shall also be undertaken by the Olectra during the Contract Period.

These transactions between the Company and EVEY are to be considered as related party transactions and shall be on arm's length basis.

With these, the total order book of Olectra for electric buses against the above and earlier orders are around 1,530 electric buses after considering the deliveries already made.

On Sensex, Olectra Greentech stock ended at Rs787 per piece down 3.6%.

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