Evey Trans Pvt Ltd receives LOA for 300 Electric Buses

Evey Trans Private Limited (EVEY) has received Letter of Award from one of the State Transport Corporations for 300 Electric Buses under FAME-II scheme of Government of India.

This order for supply of 300 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years (Contract Period).

EVEY shall procure these buses from Olectra Greentech Limited ("Olectra ") and which shall be delivered over a period of 20 months. Maintenance of these buses shall also be undertaken by the Olectra during the Contract Period.

The value of these 300 Buses supply would be approximately Rs. 500 Crores for Olectra.

These transactions between Olectra and EVEY are to be considered as related party transactions and shall be at arm's length basis.

Shares of Olectra Greentech Limited was last trading in BSE at Rs. 616.60 as compared to the previous close of Rs. 614.00. The total number of shares traded during the day was 26233 in over 2385 trades.

The stock hit an intraday high of Rs. 630.00 and intraday low of 614.00. The net turnover during the day was Rs. 16268762.00.

Source : Equity Bulls

Keywords

OlectraGreentech INE260D01016 EVEYTrans LOA ElectricBuses FAME2Scheme GovernmentofIndia