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The Hindu
6 days ago
- Business
- The Hindu
TGSRTC withdraws order for 40 electric buses issued to Megha entity
The Telangana State Road Transport Corporation (TGSRTC) has withdrawn an order for 40 electric buses issued to MEIL subsidiary, EVEY Trans. The 40 electric buses were part of the order for 50 such for inter-city operations the State Transport Corporation had placed with EVEY in April 2023. The TGSRTC has reduced the order to 10 buses which have already been delivered. In respect of the balance 40, the order has been withdrawn, another MEIL entity Olectra Greentech informed stock exchanges on Saturday. As per the tender conditions, EVEY was executing the contract with TGSRTC through a special purpose vehicle company EVEY Trans in which electric bus maker Olectra had 26% stake and EVEY the remaining 74%. Under the contractual terms, the buses were required to be procured from Olectra and who additionally was responsible for their maintenance. The order for supply of 50 electric buses was to be on gross cost contract (GCC) / OPEX model basis for the contract period of 10 years. Olectra did not specify reasons for which the order for the remaining 40 buses was withdrawn by the State Transport Corporation. The TGSRTC had in April 2023 also placed order for 500 electric buses for intra-city operations, along with the 50 buses for intercity operations, it said. Except for reduction in existing order book by 40 buses, there is no material adverse impact since it is having huge order book for electric buses, Olectra said in the filing.
Time of India
28-05-2025
- Business
- Time of India
Olectra Greentech shares in focus after issuing clarification on Rs 10,000 cr E-bus order with MSRTC
Shares of Olectra Greentech are expected to remain in focus on Wednesday, May 28, following the company's clarification to stock exchanges regarding media reports that claimed the Maharashtra government had cancelled a Rs 10,000 crore electric bus order. According to the clarification submitted by Olectra Greentech to the exchanges, the electric bus project was awarded by the Maharashtra State Road Transport Corporation (MSRTC) to a consortium comprising Olectra Greentech Limited and EVEY Trans Private Limited (EVEY). Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now Undo The consortium had received a Letter of Intent from MSRTC for the supply, operation, and maintenance of 5,150 electric buses, including related electrical and civil infrastructure, under a Gross Cost Contract (GCC) basis. The company noted that, as per the tender conditions, the contract is being executed through a Special Purpose Vehicle (SPV) named EVEY Trans (MSRTC) Private Limited, in which EVEY holds a 99% stake and acts as the lead bidder, while Olectra holds the remaining 1% stake. All communications regarding this project are to be routed between the SPV and MSRTC. Live Events Olectra Greentech further stated that the SPV has not received any communication from MSRTC, suggesting that the contract has been cancelled or is under reconsideration. "At present the Contract execution is under process and as per the clarification provided by EVEY they haven't received any such order as of now," the company said in its exchange filing. The media reports in question alleged that the Maharashtra government had scrapped a large-scale contract awarded to Olectra Greentech for the supply of electric buses. The shares of Olectra Greentech, as a result, experienced a sharp fall on Tuesday, ending 6.5% lower at Rs 1,258.05 on the BSE. In response, the company has strongly refuted the claims, stating that no official communication regarding the cancellation has been received by its executing entity. Also read: HDFC unit is said to near SEBI nod for $1.5 billion IPO
Time of India
27-05-2025
- Automotive
- Time of India
Olectra Green debunks reports of ₹10,000 crore e-bus order cancellation
Olectra Greentech Ltd on Tuesday said it has not received any official cancellation order for its electric bus contract in Maharashtra , countering earlier media reports that the ₹10,000 crore deal had been scrapped over procedural lapses. 'The contract execution is under process. Haven't received any cancellation order as reported in the media,' the company said. Despite the clarification, shares of Olectra slid as much as 13% during intraday trading after Maharashtra Transport Minister Pratap Sarnaik posted on X that a tender for electric buses in Bhandetali had been cancelled due to 'serious discrepancies.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sàn cao su chất lượng sắp được tặng ở Thôn Phật Chỉ Gạch | Quảng cáo tìm kiếm Tìm Ngay Undo — PratapSarnaik (@PratapSarnaik) 'The decision has been taken to cancel the tender awarded to the company operating 150 electric buses in Bhandetali due to serious discrepancies. A fresh tender will be issued soon,' Sarnaik wrote. He did not name the company, but investor sentiment pointed to Olectra Greentech as the affected party. Live Events Olectra, along with its consortium partner Evey Trans Private Limited (EVEY), had received a Letter of Intent (LOI) from the Maharashtra State Road Transport Corporation (MSRTC) earlier this year to supply, operate, and maintain 5,150 electric buses under a Gross Cost Contract model. The contract, estimated at ₹10,000 crore, also included related electrical and civil infrastructure. Also Read: Maruti commences high voltage training program at 130 ITIs to accelerate EV adoption Shares of the company ended the day at ₹1,255.90, down ₹89.60 or 6.65% from the previous close. As per the LOI, EVEY was expected to procure the buses from Olectra, with deliveries scheduled over 24 months. Olectra was also tasked with long-term maintenance of the fleet. Over the past one year, the stock has declined by 30.21%. On a year-to-date (YTD) basis, it is down 15.06%, while the six-month return shows a drop of 19.67%. In contrast, the stock has gained 12.16% over the last three months and 4.60% in the past one month, indicating a short-term recovery amid long-term weakness.
Time of India
27-05-2025
- Business
- Time of India
Olectra Greentech shares tank 13% as Maha gov reportedly cancels big e-bus order
Shares of Olectra Greentech nosedived nearly 13% to an intraday low of Rs 1,180 on the BSE on Tuesday, reportedly due to the cancellation of a big order from the Maharashtra government over the delivery of electric buses. Maharashtra's Transport Minister, Pratap Sarnaik, posted on the social media platform X that the contract for electric buses in Bhandetali should be scrapped due to procedural lapses, though he did not name the company involved. While Sarnaik refrained from naming the firm, the market reaction pointed clearly at Olectra Greentech, which, along with its consortium partner Evey Trans Private Limited (EVEY), had previously received a Letter of Intent (LOI) from the Maharashtra State Road Transport Corporation (MSRTC). Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. 'The decision has been taken to cancel the tender awarded to the company operating 150 electric buses in Bhandetali due to serious discrepancies. A fresh tender will be issued soon,' Sarnaik wrote in a post on X. The LOI, received by the company earlier in 2023, pertained to the supply, operation, and maintenance of 5,150 electric buses, along with allied electrical and civil infrastructure, under a Gross Cost Contract (GCC) model. Live Events According to the company's exchange filing at that time, the total order value stood at approximately Rs 10,000 crore, nearly equal to Olectra's market capitalization at the time of announcement. Also read: IndiGo shares slip 3% as co-founder Rakesh Gangwal likely offloads Rs 11,988 crore stake via block deal EVEY was expected to procure these buses from Olectra, with deliveries spread across 24 months. Maintenance responsibilities were also assigned to Olectra for the duration of the contract. Olectra Greentech share price performance Over the past one year, the stock has declined by 30.21%. On a year-to-date (YTD) basis, it is down 15.06%, while the six-month return shows a drop of 19.67%. In contrast, the stock has gained 12.16% over the last three months and 4.60% in the past one month, indicating a short-term recovery amid long-term weakness.
