India : Olectra Greentech Limited and Evey Trans Private Limited (“EVEY”) have been granted a Letter of Award (“LOA”) by Brihan Mumbai Electric Supply & Transport Undertaking (BEST ) for the supply, operation, and maintenance of 2,400 electric buses on a gross cost contract basis.
- The procurement entails 2,400 electric buses to be supplied under a Gross Cost Contract (GCC) / Operating Expenses (OPEX) model for a 12-year period. EVEY will acquire these buses from Olectra Greentech Limited (“Olectra”), with delivery spread over 18 months.
- Olectra will also handle maintenance for these buses throughout the contract duration.
- The delivery of these buses will take place over a span of 18 months.
- The supply of these 2,400 electric buses would amount to approximately Rs. 4,000 Crores for Olectra.
- The transactions between Olectra and EVEY are to be treated as related-party transactions and will be conducted on an arm’s length basis.