Telangana Withdraws Order For 40 Electric Buses From Olectra Greentech

Olectra Greentech Ltd. said Telangana State Transport Corporation has withdrawn its order for 40 electric buses from a contract to procure and maintain 550 buses, the company said in a filing on Monday.

The filing noted that in 2023, Olectra received two orders from Telangana State Transport Corp. for 550 buses—500 for intra-city and 50 for inter-city operations. While Telangana has received 10 buses, it cancelled the order for the remaining 40 inter-city buses. The company did not comment on the status of the 500-bus intra-city order.

Olectra holds a 26% stake in the special purpose vehicle EVEY Trans (Tel) Pvt. Ltd., which secured the contract from Telangana State Transport Corp.