Electric commercial vehicle manufacturer Olectra Greentech and Evey Trans have bagged an order worth INR 250 crore to supply 100 electric buses to the state transport corporation, the company said in a regulatory filing to BSE. Evey Trans is a sister concern company of Olectra Greentech.
According to the statement, both the companies have been declared as the least quoted bidder for another 100 Electric Buses (i.e for Inter-City Operations) by one of the State Transport Corporation under FAME-II scheme of the Government of India.
It also said that the tender for 100 electric buses is for the supply of the Electric Buses on Gross Cost Contract (GCC) / OPEX model basis (for Inter-City Operations) for a period of 12 years (Contract period).
Once the Letter of Award is received for 100 electric buses, Evey shall procure these Electric buses from Olectra Greentech and deliver over a period of ten months. The value of this tender is approximately INR 250 crore to the company.
The transactions between the Electra and Evey are to be considered as related party transactions and shall be on an arm's length basis.
Last month, Olectra Greentech bagged orders worth INR 30 crore, which includes INR 15 crore export orders. The domestic order worth approx INR 15 crore was received from a reputed Indian Power Transmission Company to supply composite long rod insulators of 765KV capacity.
Image Courtesy: Olectra GreenTech