Olectra Greentech Limited has disclosed receiving a penalty notice of ₹2,57,87,484 (including GST) from the Telangana Industrial Infrastructure Corporation Limited (TGIIC) for delays in completing construction of its electric vehicle manufacturing facility.
The penalty covers the period from November 12, 2023, to November 11, 2025, and relates to the company's 150-acre Greenfield EV Manufacturing Facility at the Industrial Park in Seetharampur, Hyderabad. TGIIC has directed the company to remit the penalty amount within seven days of receiving the order, which was communicated on December 17, 2025.
The penalty was imposed following Olectra's request for an extension of timelines for setting up the facility and for issuance of a No-Objection Certificate required to obtain credit facilities against the scheduled property. In response, TGIIC invoked the penalty clause outlined in the sale agreement dated November 11, 2021, between the two parties.
Under the original agreement, Olectra acquired the 150-acre land parcel for establishing the manufacturing facility. However, the company has clarified that it has already partially commenced commercial operations at the new facility within the timelines stipulated in the sale agreement.
In its disclosure to the stock exchanges, Olectra stated that apart from the penalty amount, there is no material impact on the company's financial or operational activities. The company made the disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.