Latest news with #GrossCostContract
Business Upturn
19 hours ago
- Automotive
- Business Upturn
Olectra Greentech, JBM Auto shares in focus as Centre issues tender for 10,900 EV Bus
Shares of Olectra Greentech and JBM Auto are in focus today after the Centre issued a massive tender for 10,900 electric buses under the PM e-Bus Sewa (PM e-Drive) scheme, as per a Moneycontrol report. This move is part of India's push to decarbonise public transport in major urban centres. The tender, issued by Convergence Energy Services Ltd (CESL) on June 27, covers five key cities. Bengaluru leads the allocation with 4,500 buses, followed by Delhi (2,800), Hyderabad (2,000), Ahmedabad (1,000), and Surat (600). This government-backed initiative is being executed under the Gross Cost Contract (GCC) model, where bus operators are compensated based on kilometres run, ensuring long-term revenue visibility for fleet providers and OEMs. The scope includes procurement, supply, operations, and maintenance, along with charging and civil infrastructure development. With bids set to open on August 12, the tender is expected to attract significant interest from leading EV manufacturers like Olectra Greentech and JBM Auto, both of whom are already key players in India's electric bus space. Olectra Greentech shares opened at ₹1,221.00 today, touching a high of ₹1,230.30 and a low of ₹1,202.80. The stock's 52-week high stands at ₹1,960.00, while the 52-week low is ₹989.95. On the other hand, JBM Auto shares opened at ₹656.05, hit a high of ₹657.70, and dropped to a low of ₹642.00 during the session. The stock has a 52-week high of ₹1,169.38 and a low of ₹489.80. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash JBM AutoOlectra Greentech Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Hindustan Times
24-06-2025
- Automotive
- Hindustan Times
2 firms to operate Gautam Budh Nagar's 500 e-buses
Jun 24, 2025 06:50 AM IST NOIDA: The UP government's project to introduce around 500 electric city buses in Gautam Budh Nagar district's cities including Noida, Greater Noida, and Yamuna Expressway areas, has been put on fast-track to start it at the earliest, said officials on Monday. The final agreement will be signed once a joint Special Purpose Vehicle (SPV) comprising Noida authority, Greater Noida authority, and Yeida is formally registered (Sunil Ghosh/HT archives) The UP Directorate of Urban Transport opened the financial bids and the two private agencies—Travel Time Mobility, and Delbus Mobility qualified as the lowest bidders for the project, as the former quoted ₹ 54.9 per km (excluding GST) to operate 9-metre buses, and the latter placed bid of ₹ 67.99 per km for 12-meter buses, officials said. 'The final agreement will be signed once a joint Special Purpose Vehicle (SPV) comprising Noida authority, Greater Noida authority, and Yeida is formally registered. The SPV will manage project implementation and operations for 12 years, ensuring 72,000 km of annual operation per bus. It will also determine fares, manage revenue collection, and oversee service logistics,' said a UP government official. Noida will lead the SPV and contribute 48% of the project cost, receiving 300 buses. Greater Noida and Yeida will each contribute 26% and receive 100 buses each. The buses will operate on 25 routes—15 in Noida, 7 in Greater Noida, and 3 in YEIDA—at intervals of 10–15 minutes during peak hours. The ₹ 675-crore project, that includes purchase of 500 e-buses, is to be implemented under the Gross Cost Contract model.
New Indian Express
20-06-2025
- Business
- New Indian Express
Andhra: SLSC to oversee 750 e-bus proposal
VIJAYAWADA: The State government on Thursday constituted a State Level Steering Committee (SLSC) to oversee the submission of proposals to the Ministry of Housing and Urban Affairs (MoHUA) for procuring 750 electric buses under the PM e-Bus Sewa scheme. These e-buses, sanctioned by MoHUA, will be deployed across 11 cities in the State. As per the scheme's guidelines, each participating state must form an State Level Steering Committee headed by the Chief Secretary to review and forward proposals to the Centre for approval. Following a detailed study of the scheme and practices followed by other states like Punjab and Meghalaya, Andhra Pradesh formed the committee. The State Level Steering Committee will be chaired by the Chief Secretary, with members including the Special Chief Secretary (Energy), Principal Secretaries of Transport, Roads and Buildings, Finance, and MAUD, Secretary (Industries and Commerce), and the Commissioner of the Public Transport Department. The State government finalised M/s Pinnacle Mobility Solutions Pvt. Ltd., Pune, along with discovered Gross Cost Contract (GCC) prices, as the selected agency for supplying the buses. As per the Government Order, the proposal for the e-bus procurement will be submitted to the Ministry of Housing and Urban Affairs through the newly formed SLSC.
Time of India
11-06-2025
- Automotive
- Time of India
MSRTC to shun pvt contractors, buy own buses: Sarnaik
Pune: State transport minister Pratap Sarnaik on Wednesday said henceforth, MSRTC will not procure buses under the Gross Cost Contract (GCC) model but will own the vehicles. The GCC model involves public transport bodies partnering with private agencies to procure, operate and maintain buses. The minister, while speaking on the sidelines of Commercial Vehicles Forum-2025 in Pune, said, "We want to own our buses. MSRTC aims to procure 5,000 self-owned buses annually, of which 1,000 will be electric smart buses, while the remaining will be diesel-run. We plan to procure 25,000 buses in the next five years." Maharashtra State Road Transport Corporation (MSRTC) pays a fixed price per km to private agencies for the service. The private players bear the cost of the upkeep of the vehicles. "The state govt will provide funds to procure the buses. The number of buses in MSRTC's fleet has drastically reduced, so the decision was made to procure our own buses," Sarnaik said. The state transport body's move comes after it received only 216 e-buses out of the planned 5,150 e-buses from Olectra Greentech and Evey Trans Pvt Ltd. The contract, worth Rs 10,000 crore, was signed in 2023, under which the buses were to be delivered this year. However, after only 216 of the buses were delivered to the state transport body, Sarnaik ordered the termination of the contract last month. The minister, however, reversed the decision and told the consortium to deliver the buses adhering to a fresh timeline. As per the revised timeline, 625 buses would be delivered to MSRTC in 2025; 2,100 buses in 2026, and the remaining buses in 2027. The new e-buses will include AI-enabled CCTV cameras that will monitor driver behaviour. If the driver yawns or uses a cellphone while driving, the system will alert passengers and trigger a danger alarm. Taking into consideration the safety of women passengers, the cameras will also monitor passengers' movements and activities. "The buses will be equipped with foam-based fire extinguishers and will have systems to prevent unauthorised entry when the buses are parked or locked. Any such attempt will trigger an alarm," Sarnaik said. At present, MSRTC has around 15,000 buses in its fleet. As many as 2,600 regular buses will be added to the current fleet by the end of the year, and a few existing buses will be scrapped. Regular commuters, however, said the transport body has been overpromising and underdelivering. "Some or the other plan is being announced each week, but there are no changes on the ground," Girish Sahne, a regular MSRTC commuter, told TOI. Meanwhile, the minister said the authorities concerned are working on resolving the issue of the Shivajinagar bus stand. "Deputy chief minister Ajit Pawar held a meeting recently. The issue will be resolved soon. Also, the plan to redevelop 72 bus stations is in progress. We are focusing on the cleanliness and security of bus depots and stations. After the alleged Swargate rape case, we are focusing on the safety of women. So, we are looking at smart buses with facilities powered by AI," the minister said.
Time of India
28-05-2025
- Business
- Time of India
Olectra Greentech shares in focus after issuing clarification on Rs 10,000 cr E-bus order with MSRTC
Shares of Olectra Greentech are expected to remain in focus on Wednesday, May 28, following the company's clarification to stock exchanges regarding media reports that claimed the Maharashtra government had cancelled a Rs 10,000 crore electric bus order. According to the clarification submitted by Olectra Greentech to the exchanges, the electric bus project was awarded by the Maharashtra State Road Transport Corporation (MSRTC) to a consortium comprising Olectra Greentech Limited and EVEY Trans Private Limited (EVEY). Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now Undo The consortium had received a Letter of Intent from MSRTC for the supply, operation, and maintenance of 5,150 electric buses, including related electrical and civil infrastructure, under a Gross Cost Contract (GCC) basis. The company noted that, as per the tender conditions, the contract is being executed through a Special Purpose Vehicle (SPV) named EVEY Trans (MSRTC) Private Limited, in which EVEY holds a 99% stake and acts as the lead bidder, while Olectra holds the remaining 1% stake. All communications regarding this project are to be routed between the SPV and MSRTC. Live Events Olectra Greentech further stated that the SPV has not received any communication from MSRTC, suggesting that the contract has been cancelled or is under reconsideration. "At present the Contract execution is under process and as per the clarification provided by EVEY they haven't received any such order as of now," the company said in its exchange filing. The media reports in question alleged that the Maharashtra government had scrapped a large-scale contract awarded to Olectra Greentech for the supply of electric buses. The shares of Olectra Greentech, as a result, experienced a sharp fall on Tuesday, ending 6.5% lower at Rs 1,258.05 on the BSE. In response, the company has strongly refuted the claims, stating that no official communication regarding the cancellation has been received by its executing entity. Also read: HDFC unit is said to near SEBI nod for $1.5 billion IPO
