The Consortium of Olectra Greentech Limited and Evey Trans Private Limited (“EVEY”) has received a Letter of Award from one of the state transportation companies for 123 electric buses.
Accordingly, this order is for the supply of 123 electric buses based on the gross cost contract (GCC) / OPEX model for a period of 15 years (contract period). The value of this contract is about Rs185 crore for the company.
EVEY will purchase these buses from Olectra and will be delivered over a period of 9 months. These buses are also maintained by Olectra during the Contract Period.
These transactions between the Company and EVEY should be considered related party transactions and should be on an arm’s length basis.
At around 9:44 a.m., Olectra Greentech was trading at Rs 627.40 per share, 3.09% higher on the BSE. Previously, the scrip ended at Rs608.60 per share on the BSE platform.
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