Olectra Greentech bags 100 luxury e-buses order from MSRTC

Olectra Greentech Limited, India's leading electric mobility company, on Tuesday said it bagged an order of 100 Electric luxury buses from the Maharashtra State Road Transport Corporation (MSRTC) worth Rs 250 crore.

These buses will run between Mumbai and Pune and will be delivered in 10months, a company press release said.

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"Olectra and Evey Trans consortium received a Letter of Award (LoA) from MSRTC on Tuesday. The bus order is valued at approximately Rs.250crore. These buses are to be delivered in the coming 10 months. With this new order, the total order book of Olectra is around 1,550 Electric buses," it said.

Meanwhile, the city-based firm said total revenue from the operation increased to Rs.69.05 crore during the quarter ended September 30 against Rs.50.19 crore in the corresponding period of the last fiscal.

Olectra recorded the growth because of the supply of 18 electric buses in Q2 against the seven buses in Q2 2020.

The company is building a State-of-the-art Electric Vehicle (EV) manufacturing unit in the suburbs of Hyderabad. The Telangana State Industrial Infrastructure Corporation Limited (TSIIC) allotted 150 acres to Olectra Greentech.

The plant will be fully automated and will manufacture 10,000 Electric Buses of various models per year. The plant can also manufacture trucks, three-wheelers , LCVs and MCVs. It is one of its kind manufacturing facilities in India. Production will commence in FY 2022-23, it added.