Olectra Greentech said that EVEY Trans has received Letter of Award for 350 Electric Buses from one of the State Government Undertakings.
Olectra Greentech announced on 28 January 2021 that in the tender where Evey Trans (EVEY) has been declared as L1 (Least Quoted) bidder for 350 Buses (as per the disclosure given on 05 January, 2021), EVEY has received Letter of Award for 350 Electric Buses from one of the State Governmemt Undertakings.
This order for supply of 350 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years (Contract Period). EVEY shall procure these Electric Buses from Olectra Greentech which shall be delivered over a period of 7 months. The maintenance of these buses shall also be undertaken by the Company during the Contract Period.
With these, total electric buses to be delivered by Olectra Greentech against above and earlier orders are over 1250 electric buses.
The transactions between the company and EVEY are to be considered as related party transactions and shall be on arm's length basis, Olectra Greentech said. The announcement was made after market hours yesterday, 28 January 2021. Shares of Olectra Greentech rose 1.08% to settle at Rs 131 yesterday.
Olectra Greentech has major interests in Electric Buses, Composite Insulators, Amorphous core-distribution transformers, Data Analysis and IT consulting.
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