The Telangana State Road Transport Corporation has withdrawn an intercity bus order from Olectra Greentech Ltd. after only 10 out of 50 electric buses were delivered.
EVEY Trans Pvt. Ltd., a special purpose vehicle set up by Hyderabad-based EV maker, had delivered 10 electric buses to TSRTC by May 2023. The order for the remaining 40 buses has been withdrawn by TSRTC, according to an exchange filing on Saturday.
“Except for the reduction in the existing order book by 40 electric buses, there is no material adverse impact on the company since the company has a huge order book for electric buses,” Olectra Greentech stated in the exchange filing.
TSRTC had in March 2023 placed an order with Olectra Greentech for 500 intracity and 50 intercity electric buses worth Rs 1,000 crore. Those were to be delivered within 16 months and maintained by Olectra itself. The intercity order was to be on a gross cost contract/OPEX model basis for a period of 10 years.
While the intercity order is now withdrawn, there was no immediate clarity on how many of the 500 intracity electric buses have been delivered to TSRTC so far.
On Friday, Olectra Greentech shares rose 3.35% to Rs 1,230.35 apiece on the BSE even as the benchmark Sensex ended the day 0.22% lower at 81,451.01 points.
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