HYDERABAD, India, Jan. 29, 2021 /PRNewswire/ -- 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 from Pune Mahanagar Parivahan Mahamandal Ltd. for 350 electric buses under FAME-II scheme of Government of India. This order is for the supply of 350 electric buses on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years.
Evey Trans will procure these 350 electric buses from Olectra Greentech, which shall be delivered over a period of 7 months. The maintenance of these buses shall also be undertaken by the company during the contract period.
With these, total electric buses to be delivered by OGL against above and earlier orders are over 1250 electric buses. These 350 buses order is a part of recently announced L-1 bidder (disclosed on 5th January).
Becoming Least Quoted (L-1) Bidder
Evey Trans Private Limited (EVEY) and Olectra Greentech Limited (Company) have been declared as Least Quoted (L-1) bidders for 300 electric buses from the Bangalore Metropolitan Transport Corporation (BMTC) under FAME-II scheme of Government of India. 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 for 300 buses, it shall procure these Electric Buses from Olectra Greentech Limited which shall be delivered over a period of 12 months. The value of this tender is approximately Rs. 570 Crores to the Company. The transactions between the Company and EVEY are to be considered as related party transactions and shall 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 highest in the country. We also feel honored to operate ecofriendly buses in the garden city and Silicon Valley of India, Bangalore. These are the proud moments for OGL / EVEY Trans teams, " said Sharat Chandra, CFO, Olectra Greentech Limited.
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.
SOURCE Olectra Greentech Limited