Olectra Greentech surges on order win of 555 electric buses

Olectra Greentech Limited (OCL) and Evey Trans Private Limited (EVEY) are under the common control with MEIL Holdings Limited. EVEY has received letters of award for the deployment of 555 electric buses from eight cities/state transport authorities under FAME-II scheme of Government of India.

These orders are on Gross Cost Contract (GCC) / OPEX model basis for a period in the range of 10-12 years (contract period). EVEY had participated in various tenders either as a single bidder with pre-bid tie-up with OCL or as a lead bidder in consortium with the company, in respect of which, EVEY has received letters of award as above, for some of the tenders.

EVEY shall procure these electric buses from OCL, which shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by OCL during the contract period. These transactions between the company and EVEY are to be considered as related party transactions and shall be at an arm's length basis.

With these, total electric buses to be delivered by OGL against above and earlier orders, are over 700 buses.

On Friday, the stock of Olectra Greentech opened with gap-up at Rs 188. During the early morning session, it surged 6.9 per cent to Rs 190 from its previous close of Rs 177.70.