Olectra Greentech Ltd has refuted media reports suggesting the cancellation of its ₹10,000 crore electric bus contract with the Maharashtra government. The company clarified that it has not received any official cancellation order, and the contract execution remains underway.
Key Highlights:
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No Official Cancellation: Olectra Greentech stated that no formal cancellation notice has been issued by the Maharashtra government.
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Contract Details: The ₹10,000 crore contract involves the supply, operation, and maintenance of 5,150 electric buses for the Maharashtra State Road Transport Corporation (MSRTC).
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Delivery Timeline: The company was expected to deliver 1,000 buses by May 22, 2025, but reports indicate delays in execution.
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Government Review: Maharashtra’s Transport Minister Pratap Sarnaik has raised concerns over missed deadlines, prompting a review meeting at MSRTC headquarters.
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Stock Impact: Olectra’s shares fell 14% following speculation about the contract’s status, despite the company’s strong Q4 financial results.
Olectra Greentech remains committed to fulfilling its contractual obligations, with further updates expected in the coming days.
Source: Moneycontrol, GoodReturns, News18, CNBC TV18, MSN