Today, Olectra Greentech advanced 1.73 per cent to Rs 619.10 after a consortium with a letter of award from one of the State Transport Corporations for 123 electric buses to Evey Trans. The gross cost contract (GCC)/OPEX model basis for a period of 15 years for 123 electric buses, and the value of this contract is approx Rs 185 crore to the company.

These electric buses shall be manufactured from Olectra and shall be delivered over a period of nine months. To maintain the buses shall be undertaken by Olectra during the contract period. The shareholding in Evey Trans is 34 per cent of Olectra Greentech. 

“These transactions between the company and EVEY are to be considered as related party transactions and shall be at arm’s length basis,” the company said in a statement.

Olectra Greentech has major interests in composite insulators, electric buses, data analysis, amorphous core-distribution transformers and IT consulting.

The net profit of Olectra Greentech jumped to Rs 16.63 crore as compared to Rs 1.32 crore in the first quarter of FY23 over the first quarter of FY22, and net sales had surged 565 per cent yearly to Rs 281.07 crore in the first quarter of FY23.