Olectra Greentech bags Rs185 crore supply order for 123 e-buses; Stock spurts 3%

20 Sep 2022 , 09:44 AM

The Consortium of Olectra Greentech Limited and Evey Trans Private Limited (“EVEY”) has received Letter of Award from one of the State Transport Corporations for 123 Electric Buses.

Accordingly, this order for supply of 123 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period of 15 years (Contract Period). Value of this Contract is approximately Rs185 crore to the Company.

EVEY shall procure these buses from Olectra and which shall be delivered over a period of 9 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 at arm’s length basis.

At around 9:44 AM, Olectra Greentech was trading at Rs627.40 per share higher by 3.09% on the BSE. Previously, the scrip ended at Rs608.60 per share on the BSE platform.

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