Olectra Greentech Invests ₹179.4 Million To Maintain 26% Stake In EV Arm

Olectra Greentech Ltd. on Friday said it has acquired 17.94 million additional shares in Evey Trans (Mah) Pvt. Ltd. for ₹179.4 million to retain its 26% stake in the special purpose vehicle.

The balance 74% is held by Evey Trans Pvt. Ltd., with both entities under common control of MEIL Holdings Ltd., making this a related party transaction. The acquisition does not alter Olectra’s shareholding percentage in the company.

Evey Trans (Mah) owns, operates, and leases electric vehicles, and is executing Olectra’s contract to supply buses for Brihanmumbai Electricity Supply and Transport.