Evey Trans bags order worth ₹1,000 crore to supply 550 electric buses to Telangana

Hyderabad, India (Urban Transport News): The Telangana State Transport Corporation Limited has awarded two contracts worth Rs 1,000 crore (aprrox.) to the consortium of Evey Trans Private Limited and Olectra Greetech Limited for supply of 550 (500+50) eletcric buses on 6th March 2023.

"EVEY has been awarded with two Letter of Awards from TSRTC consisting of 500 Buses for Intra-city and 50 Buses for Inter-city operations, respectively. These orders for supply of 500 Electric Buses and 50 Electric Buses are to be on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years and 10 years (Contract Period) respectively," said Olectra Greentech in BSE filing.

"EVEY shall procure these buses from Olectra Greentech Limited and which shall be delivered over a eriod of 16 months. The value of these 550 Buses supply would be approximately Rs 1,000 Crores for Olectra. Maintenance of these buses shall also be undertaken by the Olectra during the Contract Period," said the statement.

These Buses shall be delivered over a period of 16 months. The transactions between Olectra and EVEY are to be considered as related party transactions and shall be conducted at arm's length basis.

With a growing demand for electric buses from STUs and the private sector, the company has planned a massive expansion. It acquired 150 acres from the Government of Telangana to establish a state-of-the-art, fully-automated robotic manufacturing plant.

The Olectra plans to manufacture 10,000 buses per year with the expanded capacity. The company has major plans to expand its product line by launching trucks, LCVs, three-wheelers and other EV products.

Olectra is the pioneer and a leading player in electric mobility in India. Olectra is also successfully operating the electric bus fleet in Surat, Mumbai, Pune, Silvassa, Goa, Nagpur,Hyderabad and Dehradun.