OLECTRA BAGS BIGGEST EVER ORDER

• Received LoA from BEST for 2100 E-buses
• New order Value Rs. 3675 crores
• To supply these buses in next 12 months

HYDERABAD, India, May 23, 2022 /PRNewswire/ -- Olectra Greentech Limited (OLECTRA) has bagged the biggest ever order in its history for 2100 Electric buses from The Brihanmumbai Electric Supply & Transport (BEST). The value of this order is Rs.3675 crores. Evey Trans Private Limited (EVEY) has received the Letter of Award (LoA) from BEST. Earlier it had been declared as an L1 (Least Quoted) bidder (As per the disclosure given on 7th May 2022). This is also the biggest order (Letter of Award) in Indian Electric mobility history as on date.

This order is to supply the 2100 Electric buses on the Gross Cost Contract (GCC) /Opex model for a period of 12 years. The EVEY shall procure these 2,100 Electric Buses either directly by itself or through its Special Purpose Vehicle from Olectra Greentech Limited (Olectra). The buses will be delivered over a period of 12 months. Olectra shall also undertake maintenance of these buses during the Contract Period. This transaction between Olectra and EVEY is to be considered as related party transaction and shall be on an arm's length basis.

Commenting on this occasion, Mr KV Pradeep, Chairman and Managing Director, Olectra Greentech Limited, said, "We feel happy to receive this biggest order from Brihanmumbai Electric Supply & Transport (BEST). Running the largest Electric Bus fleet in India's financial capital is a matter of pride. We will deliver the buses as per the schedule and will give the best commuting experience to the citizens of Mumbai."

The pioneer and leading Electric mobility player Olectra Greentech Limited manufactures 12 metre AC buses to meet this obligation. It is already operating 40 Electric buses for BEST in Mumbai. Currently, EVEY and Olectra Greentech Limited are operating electric buses in various State Transport Undertakings (STU) in the country, such as Pune (PMPML), Hyderabad, Goa, Deharadun, Surat, and Ahmedabad, Silvasa, and Nagpur.

About Olectra Greentech Limited (A Group Company of MEIL)

Established in 2000, Olectra Greentech Limited (a public listed company) – part of MEIL Group, pioneered the introduction of electric buses in India in 2015. It is also the largest manufacturer in India for Silicone Rubber/Composite Insulators for power transmission and distribution networks.

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