Evey Trans (EVEY), (Olectra Greentech and EVEY are under common control with MEIL Holdings) and Olectra Greentech have been declared as L1 bidders for 353 electric buses from five state transport authorities and one state government undertaking including under FAME-II Scheme of the government of India.
Out of the tenders for 353 buses, 300 buses are on gross cost contract (GCC)/OPEX model basis wherein for 250 buses EVEY participated and for 50 buses company alone participated for a period in the range of 10-12 years (contract period); and tenders for 53 buses are on outright sale basis participated by the company alone.
In respect of the tenders for 250 buses, EVEY had participated either as a single bidder with a pre-bid tie-up with the company or as a lead bidder in consortium with the company.
Once the letters of the award are received by EVEY for 250 buses, it will procure these electric buses from the company and the remaining buses will be manufactured and deployed by the company.
The value of these tenders is approximately Rs 600 crore to the company. These transactions between the company and EVEY are to be considered as related party transactions and will be at arm’s length basis.