According to a regulatory filing, the LOAs relate to the supply, operation and maintenance of 1,085 electric buses. The order includes 1,025 12-metre non-AC buses and 60 12-metre AC buses.
The contract has been awarded under the Gross Cost Contract (GCC) / OPEX model for a period of 12 years. EVEY will procure the buses from Olectra, with deliveries scheduled over 20 months.
Olectra said the supply value of the 1,085 buses is estimated at approximately Rs 1,800 crore. The company will also undertake maintenance of the buses during the contract period.
The company clarified that none of its promoters or promoter group entities have any interest in the awarding authority. It added that the proposed transactions between Olectra and EVEY qualify as related party transactions and will be conducted on an arm’s length basis.
Olectra Greentech is engaged in the manufacturing of composite polymer insulators, electric buses, and electric trucks. The company's consolidated net profit rose 4.18% to Rs 49.55 crore while net sales rose 25.39% to Rs 656.62 crore in Q2 September 2025 over Q2 September 2024.