TGSRTC Awards Olectra Unit Order for 1,085 E-buses Worth Rs 1,800 Cr

Evey Trans Private Limited (EVEY), a unit of Olectra Greentech Limited, on February 23, 2026 received two Letters of Award from Telangana State Road Transport Corporation (TGSRTC) for the supply, operation and maintenance of 1,085 electric buses for intra-city operations in Telangana, in a contract valued at approximately Rs 1,800 crore for Olectra.

The order covers 1,025 twelve-metre non-AC buses and 60 twelve-metre AC buses. The contract runs on a Gross Cost Contract (GCC) / OPEX model for a period of 12 years. EVEY will procure the buses from Olectra Greentech, which will also handle maintenance over the contract period. Delivery is scheduled over 20 months.

Electric bus contracts in India are typically structured under the Gross Cost Contract (GCC) or OPEX model, where the operator is paid a fixed rate per kilometre while the transport corporation retains control over routes and fares. This format has become the standard for large public bus tenders, as it shifts the financial risk of vehicle procurement and maintenance to the operator while ensuring predictable service delivery for the transport authority.

The transaction between Olectra and EVEY falls under the related party transactions category and will be conducted on an arm's length basis. The promoter or promoter group has no interest in TGSRTC, the entity awarding the order.

The Telangana order highlights the growing scale of intra‑city electric bus deployments compared with earlier projects that focused on smaller pilot fleets. With delivery scheduled over 20 months, the contract requires phased integration of charging infrastructure and depot readiness, making it a logistical exercise as much as a procurement one.