Olectra Greentech Awards INR 395.12 Cr Contract to Megha Engineering & Infrastructures Ltd

Olectra Greentech Awards INR 395.12 Cr Contract to Megha Engineering & Infrastructures Ltd

Hyderabad-based manufacturer of electric buses, Olectra Greentech has awarded a contract for the construction of the greenfield electric vehicle manufacturing facility on 150 acres of the land situated at Seetharampur, Hyderabad, Telangana. The contract has been given to Megha Engineering & Infrastructures Limited (MEIL). MEIL is the ultimate holding company and a related party to Olectra Greentech.

As per the terms and conditions of the tender, the construction of the greenfield EV manufacturing facility shall be completed within 12 months from the date of approval of the shareholders on July 19, 2023. The value of the contract is approximately INR 395.12 crores (inclusive of GST).

In September 2022, both subsidiary firms of MEIL, Olectra Greentech and its transporter partner named Evey Trans Consortium bagged orders for 123 e-buses.

Olectra recently inaugurated TSRTC coach e-buses in May. In February last year, it also unveiled its hydrogen bus.

In the fourth quarter of FY23, Olectra witnessed a 52% surge in consolidated net profit at INR 27 crore. In the fourth quarter of the last fiscal, this figure stood at INR 18 crore. The firm also reported a consolidated revenue of INR 376 crore in the said quarter of FY23, seeing an increase of 39% from INR 271 crore in the fourth quarter of FY22.