TSRTC gives order to supply for 300 electric buses

Olectra Greentech has bagged an order worth Rs 500 crore to supply 300 electric buses. The MEIL Group company, Evey Trans Private Limited (EVEY), has received the Letter of Award (LoA) from TSRTC.

The order is under the FAME-II scheme of the Government of India. These buses will be supplied on a Gross Cost Contract (GCC) /OPEX model basis for 12 years. EVEY will procure these buses from Olectra, which will be delivered over 20 months. During the contract period, Olectra will undertake the maintenance of these buses. This



transaction between Olectra and EVEY is a related party transaction and will be on an arm’s length basis (transactions between parties that are not associated with one another outside of the transaction).

“We feel happy to receive another prestigious order. We are proud to serve the Telangana with our zero-emission buses. Our buses have been serving Hyderabad for the last three years. We will deliver the buses as per the schedule,” said KV Pradeep, Chairman and Managing Director, Olectra.