Olectra Greentech Secures ₹4.24 Billion Contract, Boosting Electric Mobility Ambitions

Olectra Greentech, a prominent electric bus manufacturer, has won a large contract of ₹4.24 billion, further establishing itself as a strong player in India's electric vehicle (EV) space. This news is in tandem with Olectra's consistent pursuit of broadening its electric mobility solutions and working towards sustainable transportation solutions.

Important Points:

Contract Amount: The contract worth ₹4.24 billion constitutes a significant order for Olectra's order book.

Recent Orders: Olectra has recently secured a number of significant orders, such as a ₹4,000 crore order for 2,400 e-buses from BEST and a ₹62.80 crore order for 40 electric buses in Mumbai.

Manufacturing Expansion: Olectra is building a new greenfield EV manufacturing plant in Hyderabad, which is likely to manufacture up to 10,000 electric buses per year.

Financial Performance: Olectra's profit after tax almost doubled in the September quarter of 2023-24, thanks to increased revenues.

Market Impact: Shares of the company have generated huge returns, rising more than 1850% in the last three years.

This agreement reflects Olectra's focus on propelling sustainable transport solutions and its increasing role in India's EV market.

Sources: Mercom India, CNBC-TV18, Economic Times