Hyderabad (Telangana) [India], May 23 (ANI): Olectra Greentech Limited said on Monday it has received an order worth Rs 3675 crore to supply 2,100 electric buses to the Brihanmumbai Electric Supply & Transport (BEST).
This order is to supply the 2,100 electric buses on the Gross Cost Contract (GCC) /Opex model for a period of 12 years, Olectra Greentech Limited said in a statement.
Evey Trans Private Limited (EVEY) has received the Letter of Award (LoA) from BEST.
The EVEY shall procure these 2,100 electric buses either directly by itself or through its Special Purpose Vehicle from Olectra Greentech Limited.
However, the buses will be delivered over a period of 12 months. Olectra shall also undertake maintenance of these buses during the contract period. This transaction between Olectra and EVEY is to be considered related party transactions and shall be on an arm's length basis, the statement said. (ANI)