Olectra Greentech declared as L-1 bidder for supply of 353 electric buses

Olectra Greentech announced that Evey Trans (EVEY) (Company and EVEY are under common control with MEIL Holdings) and Olectra Greentech (Company) have been declared as L-1 (Least Quoted) bidders for 353 Electric Buses from 5 (five) State Transport Authorities and 1 (one) State Government Undertaking including under FAME-II scheme of Government of India.

Out of these tenders for 353 buses, tenders for 300 buses arc on Gross Cost Contract (GCC) / OPEX model basis (wherein for 250 buses EVEY participated and for 50 buses Company alone participated) for a period in the range of 10-12 years (Contract Period) and tenders for 53 buses are on outright sale basis participated by the Company alone. In respect of the tenders for 250 buses, EVEY had participated either as a single bidder with pre-bid tie up with the Company or as a Lead bidder in consortium with the Company.

Once Letters of Award are received by EVEY for 250 buses, it shall procure these Electric Buses from the Company and remaining buses shall be manufactured and deployed by the Company at its own. Value of these tenders is approximately Rs 600 Crores to the Company. These transactions between the Company and EVEY are to be considered as related party transactions and shall be at arm's length basis.

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