Olectra Greentech shares in focus after issuing clarification on Rs 10,000 cr E-bus order with MSRTC
Shares of
Olectra Greentech
are expected to remain in focus on Wednesday, May 28, following the company's clarification to stock exchanges regarding media reports that claimed the Maharashtra government had cancelled a Rs 10,000 crore electric bus order.
According to the clarification submitted by Olectra Greentech to the exchanges, the electric bus project was awarded by the Maharashtra State Road Transport Corporation (MSRTC) to a consortium comprising Olectra Greentech Limited and EVEY Trans Private Limited (EVEY).
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The consortium had received a Letter of Intent from MSRTC for the supply, operation, and maintenance of 5,150 electric buses, including related electrical and civil infrastructure, under a Gross Cost Contract (GCC) basis.
The company noted that, as per the tender conditions, the contract is being executed through a Special Purpose Vehicle (SPV) named EVEY Trans (MSRTC) Private Limited, in which EVEY holds a 99% stake and acts as the lead bidder, while Olectra holds the remaining 1% stake.
All communications regarding this project are to be routed between the SPV and MSRTC.
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Olectra Greentech further stated that the SPV has not received any communication from MSRTC, suggesting that the contract has been cancelled or is under reconsideration.
"At present the Contract execution is under process and as per the clarification provided by EVEY they haven't received any such order as of now," the company said in its exchange filing.
The media reports in question alleged that the Maharashtra government had scrapped a large-scale contract awarded to Olectra Greentech for the supply of electric buses.
The shares of Olectra Greentech, as a result, experienced a sharp fall on Tuesday, ending 6.5% lower at Rs 1,258.05 on the BSE.
In response, the company has strongly refuted the claims, stating that no official communication regarding the cancellation has been received by its executing entity.
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