Tata Motors gains after subsidiary inks pact with DTC for 1500 e-buses

Tata Motors (TML) rose 1.45% to Rs 383.80 after the company announced that Delhi Transport Corporation (DTC) has signed a definitive agreement with its fully owned subsidiary, TML CV Mobility Solutions, for operation of 1500 electric buses in the cit

As part of the agreement, TML CV Mobility Solutions will supply, operate and maintain 1500 units of 12-metre low-floor air-conditioned electric buses for a period of 12 years.

This is the largest order to date for electric buses by DTC, the company said. Tata Starbus EV is an indigenously developed vehicle with superior design and best-in-class features for sustainable and comfortable commute.

Till date, Tata Motors has supplied more than 730 electric buses across multiple cities in India, which have cumulatively clocked more than 55 million kilometres, with an uptime of over 95%, the company said.

Shilpa Shinde, IAS, managing director, Delhi Transport Corporation said, We are pleased to have signed an agreement for the largest order of 1500 electric buses in Delhi. This is a significant step towards embracing electric mobility in the capital city. The induction of zero-emission, noise-free buses will greatly help in improving the city's air quality. The new buses will also immensely benefit the commuters with its ultra-modern features and comfortable seating.

Asim Kumar Mukhopadhyay, chairman, TML CV Mobility Solutions said, It is indeed a historic occasion for us as we sign a definitive agreement for the country's largest electric bus order. Our relationship with DTC, which stands strong for over a decade, is based on the foundation of mutual trust and cooperation and this order will further strengthen it. We are confident that the electric buses will provide sustainable, safe and comfortable public transportation to the commuters of Delhi.

Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. It is India's market leader in commercial vehicles and amongst the top three in the passenger vehicles market.

The company reported consolidated net loss of Rs 944.61 crore in Q2 FY23 as against Rs 4,441.57 crore in Q2 FY22. Net sales jumped 30.5% to Rs 78,846.92 crore in Q2 FY23 as compared to Rs 60,435.92 crore in Q2 FY22.

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