Olectra Greentech Limited has secured a major order linked to 1,085 electric buses after Evey Trans Private Limited (EVEY) received two Letters of Award (LOAs) from Telangana State Road Transport Corporation (TGSRTC) for intra-city operations.
Under the arrangement, EVEY will procure the buses from Olectra, with deliveries scheduled over a period of 20 months. The order comprises 1,025 units of 12-meter non-AC electric buses and 60 units of 12-meter AC electric buses.
The contract has been awarded on a Gross Cost Contract (GCC) or OPEX model for a tenure of 12 years. As part of the agreement, Olectra will not only supply the buses but will also undertake maintenance during the entire contract period.
The value of the bus supply for Olectra is approximately ₹1,800 crore. The operations are domestic in nature and relate to urban public transport within Telangana.
The company has clarified that the proposed transactions between Olectra and EVEY fall under related party transactions and will be conducted on an arm’s length basis.