Hyderabad, Jan 29: Electric mobility leader and pioneer in electric bus manufacturing, Olectra Greentech Limited (OGL) and Evey Trans Private Limited (EVEY) has received the Letter of Award (LoA) from Pune Mahanagar Parivahan Mahamandal Limited (PMPML) for 350 electric buses worth Rs 700 crore under FAME-II scheme of the Government of India.
They also become the Least Quoted (L-i) bidders for 300 electric buses from Bangalore Metropolitan Transport Corporation (BMTC).
This order is for the supply of 350 electric buses on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years, OGL, a part of Megha Engineering & Infrastructures Limited (MEIL), headquartered in Hyderabad, which, pioneered the introduction of electric buses in India in 2015, said in a release here on Friday.
Evey Trans will procure these 350 electric buses from Olectra Greentech, which will be delivered over a period of 7 months.
The maintenance of these buses will also be undertaken by the company during the contract period.
With these 350 electric buses ordered, the company’s total book order was over 1250 electric buses. These 350 electric buses order is a part of recently announced L-1 bidder.
EVEY and OGL have been declared as Least Quoted (L-1) bidders for 300 electric buses from the BMTC under the FAME-II scheme.
The 300 buses are for the supply of the Electric Buses on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years (Contract Period).
Once Letter of Award is received by Evey Trans for 300 electric buses, it would procure these Electric Buses from Olectra Greentech Limited and which will be delivered over a period of 12 months.
The value of this tender is approximately Rs. 570 Crore to the Company and the transactions between the Company and EVEY are to be considered as related party transactions and will be on arm’s length basis.
“We are happy to announce that we have bagged 350 electric buses of 12 meters from Pune Mahanagar Parivahan Mahamandal (PMPL).
OGL is already operating 150 buses in Pune and with this new order, the fleet size will be 650 Electric buses, which is the highest in the country. We also feel honoured to operate eco-friendly buses in the garden city and Silicon Valley of India, Bangalore.
These are the proud moments for OGL / EVEY Trans teams,” Mr Sharat Chandra, CFO, Olectra Greentech Limited said.
OGL is also the largest manufacturer in India for Silicone Rubber/Composite Insulators for power transmission and distribution networks. (UNI)
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