The LoA has been received 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 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 bus supply would be approximately Rs 500 crore for Olectra.

Olectra Greentech holds 34% stake in Evey Trans.

"These transactions between Olectra and EVEY are to be considered as related party transactions and shall be at arm's length basis,” the company said in a statement.

Olectra Greentech has major interests in electric buses, composite insulators, amorphous core-distribution transformers, data analysis and IT consulting.

On a consolidated basis, the company reported 84% rise in net profit to Rs 17.77 crore on 83.5% increase in net sales to Rs 271.30 crore in Q4 FY22 over Q4 FY21.