Staff Writer
Hyderabad: Electric Bus manufactueres Olectra Greentech Ltd has been awarded a contract from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for supply of 2,400 electric buses. According to Olectra Greentech, the value of these buses would be around ₹4,000 crore for the company.
The order for supply of 2,400 electric buses are to be on a gross cost contract (GCC) and opex model basis for a period of 12 years, Olectra Greentech said in a regulatory filing. The maintenance of these buses will also be undertaken by Olectra during the contract period. These buses will be delivered over a period of 18 months.
“We would like to inform you that, Consortium of Olectra Green tech Limited (‘Olectra/ Company”) and Evey Trans Private Limited (‘EVEY’) has received a Letter of Award (‘LOA’) from Brihan Mumbai Electric Supply & Transport Undertaking (BEST / Authority) for Supply, Operation and Maintenance of 2,400 Electric Buses on Gross Cost Contract Basis,” the company said.
“EVEY shall procure these buses from Olectra Greentech Limited and which shall be delivered over a period of 18 months,” it added.
The company further informed the bourses that the transactions between Olectra and EVEY are to be considered as related party transactions and will be conducted at arm’s length basis.