Olectra Green Tech bags INR 4,000-cr deal for 2,400 e-buses from BEST along with EVEY – ET Auto

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This contract marks a step forward for the Olectra Green Tech Consortium, showcasing their commitment to advancing sustainable and eco-friendly transportation solutions in India.

New Delhi: The consortium of Olectra Green Tech Limited (Olectra) and Evey Trans Private Limited (EVEY) has secured a Letter of Award (LOA) from Brihan Mumbai Electric Supply & Transport Undertaking (BEST / Authority) for the supply, operation, and maintenance of 2,400 electric buses on a Gross Cost Contract basis. The order is valued at approximately INR 4,000 crore for Olectra, the company said.

Under the terms and conditions of the contract, EVEY has been entrusted with the responsibility for the supply, operation, and maintenance of the 2,400 e-buses on a Gross Cost Contract (GCC) / OPEX model basis for 12 years. These buses will be procured from Olectra and delivered in 18 months. Olectra will also be responsible for the maintenance of these buses throughout the contract period.

The order, valued at approximately INR 4,000 crores for Olectra, reinforces their commitment to sustainable transportation solutions in the country.

The timeline for the execution of the contract is set at 18 months, during which the 2,400 Electric Buses are expected to be delivered.

Addressing any concerns related to related party transactions, the filing stated that the transactions between Olectra and EVEY would be considered as related party transactions but will be conducted at an “arm’s length” basis, ensuring fairness and transparency in the dealings, .

This contract marks a step forward for the Olectra Green Tech Consortium, showcasing their expertise and commitment to advancing sustainable and eco-friendly transportation solutions in India.

  • Published On Feb 22, 2024 at 02:17 PM IST

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