Olectra Greentech awards contract to Megha Engineering for EV facility

20 Jul 2023 , 12:09 PM

Olectra Greentech Limited informed that it has awarded a contract to Megha Engineering & Infrastructures (MEIL) to build a greenfield electric vehicle manufacturing facility in Telangana.

The company stated in its filing with the exchanges that, ‘We would like to inform you that the company granted a contract to Megha Engineering & Infrastructures (MEIL), which is the ultimate holding company and a related party to Olectra Greentech Limited, for the construction of the greenfield electric vehicle manufacturing facility on 150 acres of land located at Seetharampur, Hyderabad, Telangana.’

As per the agreement, the building of the greenfield EV manufacturing site will be completed within a period of 12 months of receiving shareholder approval on July 19, 2023.

Olectra Greentech, founded in 2000, is a pioneer manufacturer of electric buses in India. It is also India’s leading maker of silicone rubber/composite insulators for power transmission and distribution networks.

At around 12.01 PM, Olectra Electric was trading 0.57% lower at Rs 1,300, against the previous close of Rs 1,307.45 on NSE. The counter touched an intraday high of 1,345, rising nearly 3% in today’s trade. However, soon the stock erased the early morning gains.

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