TGSRTC withdraws order for 40 electric buses issued to Megha entity
The 40 electric buses were part of the order for 50 such for inter-city operations the State Transport Corporation had placed with EVEY in April 2023.
The TGSRTC has reduced the order to 10 buses which have already been delivered. In respect of the balance 40, the order has been withdrawn, another MEIL entity Olectra Greentech informed stock exchanges on Saturday.
As per the tender conditions, EVEY was executing the contract with TGSRTC through a special purpose vehicle company EVEY Trans in which electric bus maker Olectra had 26% stake and EVEY the remaining 74%. Under the contractual terms, the buses were required to be procured from Olectra and who additionally was responsible for their maintenance.
The order for supply of 50 electric buses was to be on gross cost contract (GCC) / OPEX model basis for the contract period of 10 years. Olectra did not specify reasons for which the order for the remaining 40 buses was withdrawn by the State Transport Corporation.
The TGSRTC had in April 2023 also placed order for 500 electric buses for intra-city operations, along with the 50 buses for intercity operations, it said.
Except for reduction in existing order book by 40 buses, there is no material adverse impact since it is having huge order book for electric buses, Olectra said in the filing.
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