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					</table><p>Electric bus manufacturer <a href="https://olectra.com/" target="_blank" rel="noopener">Olectra Greentech</a> has awarded the contract for the construction of its new greenfield electric vehicle (EV) manufacturing facility at Seetharampur in Hyderabad to <a href="https://meil.in/" target="_blank" rel="noopener">Megha Engineering and Infrastructures</a>.</p>
<p>The proposed value of the contract is ₹3.95 billion (~$48.12 million).</p>
<p>As per the contract, the facility will be developed on 150 acres of land at Seetharampur and completed within 12 months from the shareholders&#8217; final approval date, i.e., July 19, 2023.</p>
<p>The greenfield EV manufacturing facility will have a projected annual production capacity of 5,000 buses/trucks and other EVs with scalability of up to 10,000 units.</p>
<p>The company had previously floated a public tender to identify a suitable vendor for the construction of the manufacturing facility.</p>
<p>Pursuant to the tender, Suroj Buildcon and Megha Engineering and Infrastructures participated in the bidding process. The price quoted by Megha Engineering and Infrastructures was lower than that quoted by the other bidder and was also less than the company&#8217;s estimated cost for the project.</p>
<p>Based on the above evaluation, the company&#8217;s board of directors, in their meeting held on June 19, 2023, evaluated all possible options available and approved the engagement of Megha Engineering and Infrastructures to establish the greenfield EV manufacturing facility.</p>
<p>As of March 2023, Olectra Greentech has an order book of 3,394 buses on hand and has delivered 1,100 plus electric buses.</p>
<p>The company is targeting a growth of about 2.5 to 3x to the current number, which amounts to approximately about 1,200 to 2,500 electric buses and tippers in the financial year (FY) 2024.</p>
<p>Currently, the company has the capacity to manufacture 125 e-buses each month.</p>
<p>The company recently recorded an increase of 86% in profit after tax to ₹656 million (~$7.99 million) in FY 2023.</p>
<p>Recently, Olectra Greentech received a letter of intent from the Maharashtra State Road Transport Corporation relating to the supply, operation, and maintenance of 5,150 electric buses and allied electrical and civil Infrastructure on a gross cost contract basis.</p>
<p>During the fourth quarter of FY 2023, the company added three more new customers to its portfolio. The new customers are the Karnataka State Road Transport Corporation, the Maharashtra State Road Transportation Corporation, and Thane Municipal Corporation, by delivering intercity and city electric buses.</p>
<p>Earlier this year, Olectra Greentech <a href="https://www.mercomindia.com/olectra-550-e-buses-in-south-india-from-tsrtc" target="_blank" rel="noopener">received</a> an order for 550 electric buses from the Telangana State Road Transport Corporation (TSRTC). Olectra said its e-buses would significantly reduce the noise and emission levels in Hyderabad.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Olectra Awards ₹3.95 Billion Construction Contract for EV Manufacturing Unit

<p>Olectra-BYD, an electric vehicle maker, has deployed 10 commercial grade electric buses in collaboration with the state’s road transport corporation to take pilgrims to the Sabarimala shrine, located in the southern state of Kerala</p>
<p>With this, Olectra-BYD it has reportedly become the first company to deploy electric buses in Kerala in this capacity.</p>
<p>&#8220;We are sure that like other states, our 10 buses will repeat the success in Kerala as well. The eBuzz K7 has already proved its reliability as it has been successfully plying at a high altitude and steep gradient of 13,000 feet in Himachal Pradesh,&#8221; stated N Naga Satyam, Executive Director of Olectra Greentech.</p>
<p>These electric buses have been manufactured in India by Olectra Greentech which has a strategic partnership with <a href="http://www.byd.com/en/index.html" target="_blank" rel="noopener">BYD Auto Industry Co. Ltd</a>. of China.</p>
<p><a href="https://mercomindia.com/kerala-announces-ev-policy/" target="_blank" rel="noopener">Recently</a>, Kerala announced its Electric Vehicle Policy (EVP) and has put up ambitious targets for the full electrification of all classes of motor vehicles by 2030. It includes bringing one million EVs on the road by 2022 and creating a pilot fleet of 200,000 two-wheelers, 50,000 three-wheelers, 1,000 goods carriers, 3000 buses and 100 ferry boats by 2020.</p>
<p>Under this early adoption support scheme, an incentive of ₹30,000 (~$406) or 25 percent of the EV (whichever is lower) for three wheelers will be provided for an initial period of one year.</p>
<p>In the recent past, <a href="https://mercomindia.com/karnataka-procure-640-electric-vehicles/" target="_blank" rel="noopener">Karnataka </a>and <a href="https://mercomindia.com/maharashtra-cabinet-electric-vehicle-policy-evs/" target="_blank" rel="noopener">Maharashtra </a>also launched their own EV policies that provide various subsidies and incentives to consumers. EV market in India is slowly <a href="https://mercomindia.com/electric-vehicles-opportunity-india/" target="_blank" rel="noopener">gaining momentum</a> after three years of relative inaction. However, India still lags far behind other nations when it comes to EVs.</p>
<p><a href="https://mercomindia.com/ev-adoption-lags-most-states/" target="_blank" rel="noopener">Mercom has reported that</a> electric vehicle sales so far have been inconsistent under the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) program. According to data by the <a href="https://www.fame-india.gov.in/" target="_blank" rel="noopener">Department of Heavy Industries’</a> official website, Maharashtra is the leaders when it comes to the number of vehicles sold under the FAME scheme.</p>
<p>Image credit: Wikipedia</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nitin/" class="vcard author" rel="author"><span class="fn">Nitin Kabeer</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.com/wp-content/uploads/2018/04/nitin-2.png" alt="" width="99" height="105" /><span style="font-family: Calibri"><span style="color: #000000"><span>Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism &amp; Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. <a href="https://mercomindia.com/author/nitin/">More articles from Nitin Kabeer</a></span></span></span></p>
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Kerala Deploys Electric Buses to Transport Pilgrims

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