Olectra Greentech surges after associate company emerges L-1 bidder

9 May 2022 , 09:50 AM

Olectra Greentech on Saturday announced that Evey Trans (EVEY) was declared as the least quoted (L- 1) bidder for 1,400 electric buses from one of the State Transport Undertakings. The tender is for supply of electric buses on gross cost contract 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 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. The transaction between Olectra and EVEY is to be considered as related party transactions and shall be on arms length basis. Olectra Greentech holds 34% stake in Evey Trans. The electric mobility firm has major interests in electric buses, composite insulators, amorphous core-distribution transformers, data analysis and IT consulting. On a consolidated basis, the company reported 84% rise in net profit to Rs 17.77 crore on 83.5% increase in net sales to Rs 271.30 crore in Q4 FY22 over Q4 FY21. Powered by Capital Market – Live News