Olectra Greentech Limited has informed stock exchanges that Evey Trans Private Limited (EVEY) has received two Letters of Award (LOAs) from the Telangana State Road Transport Corporation (TGSRTC) for the supply, operation, and maintenance of 1,085 electric buses for intra-city operations.
According to the company’s regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the order comprises 1,025 units of 12-metre non-AC electric buses and 60 units of 12-metre AC electric buses.
The contract has been awarded under the Gross Cost Contract (GCC) / OPEX model for a tenure of 12 years.
EVEY will procure the buses from Olectra Greentech Limited, with deliveries scheduled over 20 months. The total value of the supply is estimated at approximately ₹1,800 crore for Olectra. Additionally, Olectra will undertake maintenance of the buses throughout the contract period.
The company clarified that the orders have been awarded by a domestic entity and the execution will be classified as domestic operations.
Olectra further stated that while the proposed transactions between Olectra and EVEY fall under the category of related party transactions, they will be conducted on an arm’s length basis. The company also confirmed that the promoter/promoter group has no interest in the awarding entity.
The disclosure was submitted to both the BSE Limited and the National Stock Exchange of India Ltd in compliance with statutory requirements.
