Hyderabad-based Olectra Greentech has received the letter of award from one of the State Road Transport Corporations to supply 100 electric buses under the second phase of the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) subsidy scheme. The electric bus manufacturer bagged the award in a consortium with electric bus operator Evey Trans (EVEY).
This order for the supply of 100 electric buses is on a gross cost contract (GCC)/OPEX model basis for a period of 12 years (Contract Period). The value of this contract is approximately INR 140 crore to the Company. These buses shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the contract period. With these, the total order book of Olectra for electric buses against the above and earlier orders are around 1450 electric buses.
Olectra has been allotted 150 acres of land at the Industrial Park in the Ranga Reddy District of Telangana for the setting up of a greenfield factory (EV manufacturing facility) from the Telangana State Industrial Infrastructure Corporation Limited.
