Latest news with #GrossCostContract
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
13-05-2025
- Business
- Time of India
Cityflo parent and Globus Trans form joint venture to enter state-run bus transit sector
Komorebi Tech Solutions, the parent company of urban mobility platform Cityflo , has announced a joint venture with Globus Trans Solutions LLP to operate in the state government-run bus transit ecosystem. Urban Glide is a joint venture with Globus Trans Solutions LLP, founded by public transport veteran Victor Nagaonkar—who led operations at BEST for over four decades—along with Sunil Solanki, a seasoned public transit veteran with extensive supply and operational experience across public transit companies like PMPML. Urban Glide will begin operations with 500 electric buses in its first year, reinforcing India's focus on disrupting public mobility by making it accessible and sustainable. India is expected to lead the world's largest electric bus transition. Over 200,000 state-owned buses are being inducted into public-private operations under the Gross Cost Contract (GCC) model—a Rs 1,00,000 crore annual opportunity that is reshaping the country's urban transit landscape. 'We believe this will be one of urban India's most consequential infrastructure transitions. The opportunity is not just operational but generational. India is going to move over 200 million people a day on zero-emission, clean, well-run buses. Urban Glide is our commitment to building at the scale and standard that this moment demands,' said Jerin Venad, CEO of Cityflo. India's public bus ecosystem—run largely by State Transport Undertakings (STUs)—has struggled with funding gaps, ageing fleets, and subpar commuter experiences for decades. Live Events The GCC framework redefines this structure by entrusting service delivery to experienced, specialized private fleet operators while the state retains control over routes and fare policy. This model has already seen long-standing success in global transit hubs such as Singapore and the UK, where players like ComfortDelGro and Stagecoach have helped deliver high-reliability, high-frequency services under similar PPP frameworks. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In India, with thousands of electric buses currently under procurement, Urban Glide is designed specially to meet this at scale —with asset lifecycle control, professionalised operations and driver management, data-led route and cost optimizations and embedded safety and compliance protocols. 'We have seen this move in other sectors: regulation opens, capital flows in, and the incumbents are those who can build at scale. Public transport is now getting its Jio moment,' added Venad. Urban Glide will take charge of its first 150 buses across MMR, with plans to expand operations across the country as more GCC contracts are awarded. With long term contract tenures and fare collection handled by the state, the model is inherently built to mitigate risk for operators. Government subsidies on EV operations and the first phase of a Payment Security Mechanism (PSM) are already in place—encouraging participation from credible players. Cityflo's entry signals that the next phase of Indian mobility is not just about building new apps or taking on expensive transit infrastructure —but about building dependable, scalable public systems that can lift daily life for millions. The public transit opportunity is now both economically viable and socially essential—and Urban Glide aims to lead from the front.
The Hindu
29-04-2025
- Automotive
- The Hindu
BMTC to roll out 320 AC electric buses in Bengaluru by May-end
After months of delay due to the lack of charging infrastructure, the Bengaluru Metropolitan Transport Corporation (BMTC) is set to roll out 320 air-conditioned electric buses by the end of May. The new fleet, which is currently undergoing trial runs, will gradually replace the ageing Volvo buses operating on Vajra city routes and the Vayu Vajra services to Kempegowda International Airport. The electric buses are being supplied by OHM Global Mobility, a subsidiary of Ashok Leyland, under the Gross Cost Contract (GCC) model. As per the agreement, BMTC will pay ₹65.8 per km to the operator, and each bus is expected to run 250 km per day—adding up to 87,500 km annually. 'This marks the first time that air-conditioned electric buses are being added to the BMTC fleet,' said a senior BMTC official. 'We had initially planned to launch them earlier, but setting up charging infrastructure—especially at the airport premises—took longer than expected. It may take another 15 days to complete the work at the airport. However, we are confident of commencing full operations by the end of May.' The 13-metre-long buses come with a low-floor design, making them more accessible to people with disabilities. Each bus is equipped with retractable ramps to support easier boarding, ensuring a more inclusive commute. To manage operations of the new fleet, BMTC has earmarked four depots—Depot 7 in Subhashnagar, Depot 13 in Katriguppe, Depot 18 in Whitefield, and Depot 25 in HSR Layout. Commuters who experienced the trial runs have expressed satisfaction with the new buses. Many highlighted the improved comfort and eco-friendliness compared to the older diesel-run models. 'The seats provide excellent support for the head, and the ride quality is good. However, I feel the suspension of the Volvo buses is good, since those buses are well-built and of good quality. But keeping in mind the environment I feel this is also good,' said Santosh Kumar, a commuter from Whitefield. Sangeetha M. Rao, a daily passenger from Jayanagar, said that the bus is quieter and more comfortable. 'The electric buses are smoother and more modern. It's refreshing to ride in a vehicle that doesn't emit noise or smoke. I hope BMTC considers revising the fare structure now that they are saving on fuel costs. Making these services affordable will encourage more people to leave their cars behind and opt for public transport, which in turn will reduce traffic congestion and pollution.'
New Indian Express
28-04-2025
- Automotive
- New Indian Express
AC e-buses to Kempegowda International Airport await May-end launch
BENGALURU: The delay in setting up charging infrastructure at Kempegowda International Airport and the delay in supply of drivers by the private contract bagger have been postponing the launch of Bangalore Metropolitan Transport Corporation's (BMTC) air-conditioned electric buses to the airport. The AC e-buses on the airport route, which should have been operational by now, is likely to be pushed to May-end. BMTC's Chief Traffic Manager (Operations) GT Prabhakar Reddy told TNIE , 'BMTC will be replacing the ageing Volvo fleet with AC e-buses. There is a delay in setting up charging infrastructure at the Bangalore airport premises. We were told it will take another 15 days. So we are hopeful of commencing operations of AC e-buses by May-end.' Attributing another reason for the delay in the launch, Reddy said the contractors are supplying drivers at a slower pace. 'As per the wet-lease agreement, drivers have to be provided by the private firm only,' he said. BMTC, which has many electric buses in its fleet, did not have any air-conditioned ones. With an intention to add AC e-buses, the bus corporation signed an agreement with a private firm to provide buses on the GCC (Gross Cost Contract) model. As per the agreement, 320 e-buses will be handed over to BMTC for operations in a phased manner, and this will gradually replace the ageing Vayu Vajra (Volvo buses on the airport route) fleet. Under the GCC model, BMTC will lease the bus from the private firm Ohm Global Mobility. Ohm will provide buses along with charging infrastructure and drivers. 'We have operationalised 58 e-buses on other routes within the city, and they are performing well. We have set up charging infrastructure for this at two locations in the city,' Reddy said. BMTC will provide conductors and will be paying Rs 65.8 per kilometre to the firm.
