Olectra Greentech Limited consortium declared L1 for another 100 electric buses

As on date Consortium of Evey Trans Private Limited (EVEY) and Olectra Greentech Limited (Company) has been declared as Least Quoted (L-1) bidder for another 100 Electric Buses (i.e for Inter-City Operations) by one of the State Transport Corporation under FAME-I1 scheme of Government of India.

Said tender for 100 electric buses is for supply of the Electric Buses on Gross Cost Contract (GCC) / OI'EX model basis (for Inter-City Operations) for a period of 12 (Twelve) years (Contract Period).

Once Letter of Award is received for 100 electric buses, EVEY shall procure these Electric 13uses from Olectra Greentech Limited and which shall be delivered over a period of 10 months. Value of this tender is approximately Rs. 250 Crores to the Company.

'I'he transactions between the Company and GVBY are to be considered as related party transactions and shall be on arm's length basis.

Shares of Olectra Greentech Ltd was last trading in BSE at Rs.178.95 as compared to the previous close of Rs. 178.8. The total number of shares traded during the day was 15772 in over 695 trades.

The stock hit an intraday high of Rs. 183.4 and intraday low of 176.5. The net turnover during the day was Rs. 2852135.

Source : Equity Bulls

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