Olectra Greentech Ltd. group receives LOA for deployment of 555 electric buses.

As on date Evey Trans Private Limited (EVEY) (Olectra Greentech Limited (OGL) and EVEY are under common control with MEIL Holdings Ltd.) has received Letters of Award for deployment of 555 Electric Buses from 8 Cities / State Transport Authorities under FAME-II scheme of Government of India. These orders are on Gross Cost Contract (GCC) / OPEX model basis for a period in the range of 10-12 years (Contract Period). EVEY had participated in various tenders either as a single bidder with pre-bid tie up with the Company or as a lead bidder in consortium with the Company, in respect of which EVEY has received Letters of Award as above for some of the Tenders.

EVEY shall procure these Electric Buses from the Company which shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Company during the Contract Period. These transactions between the Company and EVEY are to be considered as related party transactions and shall be at arm's length basis.

With these, total electric buses to be delivered by OGL against above and earlier orders are over 700 buses.

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