Olectra Powers Up: Secures 26% Stake in EVEY Trans to Supercharge Mumbai’s E-Bus Revolution

Olectra Greentech Limited has made a decisive move to strengthen its position in India’s electric mobility sector by acquiring an additional 1,79,37,400 equity shares in EVEY TRANS (MAH) PRIVATE LIMITED, maintaining its 26% stake. This strategic step ensures Olectra’s continued role as a key player in executing the prestigious Brihan Mumbai Electric Supply & Transport Undertaking (BEST) electric bus contract, one of the largest in the country.

 

Key Highlights

Strategic Acquisition: Olectra Greentech’s latest share purchase in EVEY Trans (MAH) Private Limited brings its total holding to 1,79,40,000 shares, preserving its 26% stake. The remaining 74% is held within the promoter group, under common control with MEIL Holdings, making this a related party transaction conducted at arm’s length.

 

Special Purpose Vehicle (SPV): EVEY Trans (MAH) will serve as the SPV dedicated to executing the contract for supplying, operating, and maintaining 2,400 electric buses to BEST over 12 years, with Olectra responsible for manufacturing and maintenance.

 

No Change in Ownership Percentage: Despite the substantial acquisition of new shares, Olectra’s percentage holding remains unchanged at 26%, reflecting a capital restructuring to support project requirements.

 

Major Contract Value: The BEST order is valued at approximately ₹4,000 crore, marking a significant win for Olectra and reinforcing its leadership in the electric bus segment.

 

Industry Impact: This move is expected to streamline project execution, optimize financing, and ensure adherence to quality and delivery timelines, further strengthening Olectra’s reputation as a leading electric vehicle manufacturer in India.

 

Corporate Governance: All transactions between Olectra and EVEY are considered related party transactions but are being conducted transparently and at fair market value, ensuring regulatory compliance.

 

What’s Next

With this acquisition, Olectra Greentech is poised to play a pivotal role in Mumbai’s public transport electrification, setting a benchmark for future large-scale EV deployments across India. The industry is watching closely as Olectra advances its green mobility mission.

 

Source: Angel One, Auto Economic Times, MarketScreener