Hyderabad-based Olectra Greentech Bags Order for 50 E-buses

Olectra Greentech, Hyderabad-based country’s largest manufacturer of electric buses, on Monday said it has received a letter of award (LoA) for 50 e-buses from “one of the state transport authorities” for inter-city operations under the central government’s FAME-II scheme.

These buses are to be delivered in 12 months, the company said in a regulatory filing. The company was locked in an upper circuit of 5% at Rs 839.35 after receiving the letter of award.

“Out of the tenders where Olectra Greentech Limited and Evey Trans Private Limited (EVEY) were declared as least-quoted (L-1) bidders for 353 buses; for 50 electric buses, Evcy has received a letter of award from one of the state transport authorities (i.e for inter-city operations) under FAME-II scheme of the Government of India,” Olectra Greentech said in the filing.

Evey Trans Pvt Ltd is a subsidiary of Olectra Greentech. “This order for the supply of 50 e-buses is on gross cost contract (GCC)/ OPEX model basis (i.e for Inter-city operations) is for a period of 12 years The maintenance of these buses will also be undertaken by the Olectra during the contract period,” the company said.

The value of this contract is about Rs 125 crore, it added. With this, the total order book of Olectra for electric buses stands at around 1,523 e-buses after considering the deliveries already made, the company said.

Last month, the E-bus maker announced its plans of setting up India’s biggest electric bus factory with a capacity of 10,000 units on the outskirts of Hyderabad. To be set up with an investment of more than Rs 600 crore, the new facility is spread over 150 acres.

Olectra Greentech, part of Megha Engineering and Infrastructures Ltd, has developed its buses with technical support from China’s largest electric vehicle maker BYD. The 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 a 605% rise in net profit to Rs 3.6 crore on a 42.2% increase in net sales to Rs 71.43 crore in Q2 FY22 over Q2 FY21.