Olectra gets Rs 500 crore order to supply 300 electric buses to TSRTC

Hyderabad: Olectra Greentech has bagged an order worth Rs 500 crore to supply 300 electric buses. The MEIL Group company, Evey Trans Private Limited (EVEY), has received the Letter of Award (LoA) from TSRTC. The order is under the FAME-II scheme of the Government of India. These buses will be supplied on a Gross Cost […]

Hyderabad: Olectra Greentech has bagged an order worth Rs 500 crore to supply 300 electric buses. The MEIL Group company, Evey Trans Private Limited (EVEY), has received the Letter of Award (LoA) from TSRTC.

The order is under the FAME-II scheme of the Government of India. These buses will be supplied on a Gross Cost Contract (GCC) /OPEX model basis for 12 years. EVEY will procure these buses from Olectra, which will be delivered over 20 months. During the contract period, Olectra will undertake the maintenance of these buses. This transaction between Olectra and EVEY is a related party transaction and will be on an arm’s length basis (transactions between parties that are not associated with one another outside of the transaction).

“We feel happy to receive another prestigious order. We are proud to serve the Telangana with our zero-emission buses. Our buses have been serving Hyderabad for the last three years. We will deliver the buses as per the schedule,” said KV Pradeep, Chairman and Managing Director, Olectra.

Currently, EVEY and Olectra are operating electric buses in various State Transport Undertakings including in Pune, Mumbai, Goa, Deharadun, Surat, Ahmedabad, Silvasa, and Nagpur.

These 12-Meter, low floor, non-AC buses electronically controlled air suspension will have a seating capacity of 35. The buses will be equipped with CCTV cameras to ensure safety of commuters, an emergency button and USB sockets for each seat. The lithium-ion (Li-ion) battery in it will enable it to travel around 200 kms on a single charge at 80 per cent state of charge (SOC). The buses will has regenerative braking system to recover part of the kinetic energy lost in braking. The battery is charged in about five hours. Established in 2000, Olectra Greentec, part of the MEIL Group, introduced electric buses in India in 2015.