Olectra Greentech receives electric bus order worth Rs 10,000 cr from Maharashtra; shares jump

New Delhi [India], July 8 : The consortium of Olectra Greentech Limited and Evey Trans Private Limited has received a Letter of Intent from the Maharashtra State Road Transport Corporation for the supply, operation, and maintenance of 5,150 electric buses and allied electrical and civil infrastructure.

In a stock filing on Friday, Olectra Greentech said EVEY will procure these buses from Olectra Greentech Limited.

The order will be delivered over a period of 24 months.

It added that the value of these Electric Buses would be approximately Rs 10,000 crore.

"Maintenance of these buses shall also be undertaken by the Olectra during the Contract Period."

Ahead of the today's announcement, Olectra Greentech's market size was below the today's massive order size.

Reacting to the news of such a massive order, its shares rose as high as Rs 1,229, up 17.7 per cent intraday from the previous close. In the process, its market cap breached Rs 10,000 crore mark.

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