Olectra Denies MSRTC Has Scrapped ₹51.5 Billion Electric Bus Order

Olectra Greentech on Tuesday denied reports that the Maharashtra State Road Transport Corp. had cancelled an order for 5,150 electric buses awarded to its special purpose vehicle with EVEY Trans Pvt. Ltd. The company said in an exchange filing that its SPV had not received any such communication from the state transport body and called the news "unsubstantiated".

The ₹51.5 billion order is being executed through EVEY Trans (MSR) Pvt. Ltd., in which Olectra Greentech holds a 1% stake.
Maharashtra Transport Minister Pratap Sarnaik on Monday posted on social media calling for the cancellation of an order for 5,510 electric buses, alleging no deliveries had been made despite revised timelines.

While he didn’t name the supplier, Olectra had informed exchanges on July 7, 2023, that it had won a contract for 5,150 electric buses from MSRTC.