Olectra Greentech Ltd awards contract for construction of greenfield EV Manufacturing Facility

Olectra Greentech Limited has awarded a contract for construction of the greenfield electric vehicle manufacturing facility on 150 Acres of the land situated at Seetharampur, Hyderabad, Telangana ("Greenfield EV Manufacturing Facility" or "Project") to Megha Engineering & Infrastructures Limited ("MEIL") which is the ultimate holding company and a related party to Olectra Greentech Limited ("Company/ Olectra").

As per the terms and conditions of the Tender, construction of the "Greenfield EV Manufacturing Facility" shall be completed within 12 months from the date of approval of the Shareholders ("Shareholders' Approval") (i,e 19.07.2023) and the proposed value of the contract is approximately INR 395.12 crores (inclusive of GST).

Shares of Olectra Greentech Limited was last trading in BSE at Rs. 1306.65 as compared to the previous close of Rs. 1309.35. The total number of shares traded during the day was 157270 in over 12552 trades.

The stock hit an intraday high of Rs. 1348.85 and intraday low of 1300.00. The net turnover during the day was Rs. 207547469.00.

Source : Equity Bulls

Keywords

OlectraGreentech INE260D01016 ConstructionContract Greenfield ElectricVehicle ManufacturingFacility