TGSRTC withdraws order for 40 electric buses issued to Megha entity
The Telangana State Road Transport Corporation (TGSRTC) has withdrawn an order for 40 electric buses issued to MEIL subsidiary, EVEY Trans.
The 40 electric buses were part of the order for 50 such for inter-city operations the State Transport Corporation had placed with EVEY in April 2023.
The TGSRTC has reduced the order to 10 buses which have already been delivered. In respect of the balance 40, the order has been withdrawn, another MEIL entity Olectra Greentech informed stock exchanges on Saturday.
As per the tender conditions, EVEY was executing the contract with TGSRTC through a special purpose vehicle company EVEY Trans in which electric bus maker Olectra had 26% stake and EVEY the remaining 74%. Under the contractual terms, the buses were required to be procured from Olectra and who additionally was responsible for their maintenance.
The order for supply of 50 electric buses was to be on gross cost contract (GCC) / OPEX model basis for the contract period of 10 years. Olectra did not specify reasons for which the order for the remaining 40 buses was withdrawn by the State Transport Corporation.
The TGSRTC had in April 2023 also placed order for 500 electric buses for intra-city operations, along with the 50 buses for intercity operations, it said.
Except for reduction in existing order book by 40 buses, there is no material adverse impact since it is having huge order book for electric buses, Olectra said in the filing.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
8 hours ago
- Time of India
Govt forms committee to submit proposals for e-buses
Vijayawada: State govt has formed a state level steering committee (SLSC) for the submission of proposals to the ministry of housing and urban affairs (MoHUA) for the procurement of electric buses under the 'PM e-Bus Sewa' scheme. The Centre sanctioned 750 electric buses to Andhra Pradesh under the PM e-Bus Sewa scheme. Chief secretary K Vijaynand issued a govt order RT No 310 to this effect, forming the SLBC on Thursday. According to the GO, the SLBC will be headed by the chief secretary as the chairman, with the special chief secretary (energy), principal secretaries of transport, roads and buildings, finance, municipal administration and urban development, and industries & commerce departments, along with the commissioner of the public transport department as the committee members. The ministry of housing & urban affairs (MoHUA) sanctioned 750 e-buses to AP to be operated in 12 locations across 11 cities. Pinnacle Mobility Solutions Pvt Ltd, Pune, along with the discovered GCC prices, is finalised as the agency for the induction of 750 e-buses in the state. The requisition for the procurement of the e-buses should be submitted to MoHUA under the PM e-Bus Sewa Scheme through the SLSC under the chairmanship of the chief secretary, the GO read.
United News of India
a day ago
- United News of India
CREDAI Hyderabad elects New Managing Committee members for 2025-27
Hyderabad, June 20 (UNI) The Confederation of Real Estate Developers Association of India (CREDAI) Hyderabad on Friday announced the appointment of a new managing committee for the period 2025 to 2027, which will be responsible for spearheading and strengthening the CREDAI initiatives in Hyderabad and supporting the development of the sector in the region. N. Jaideep Reddy is the President, B. Jagannath Rao is the President-Elect, and Manoj Kumar Agarwal, Kurra Srinath, K. Anil Reddy and Y. Ravi Prasad are Vice Presidents. Kranti Kiran Reddy K is the General Secretary in the new team. Nitish Reddy Gudoor is the Treasurer and Sanjay Kumar Bansal and Sriram Musunuru are Joint Secretaries. The Executive Committee members are -- Addula Gopal Reddy, Alugubelli Venkat Reddy, B Jaipal Reddy, B Vinod Reddy, C Amarendher Reddy, Kavya Kavuri (the first woman elected as an EC member), N Venugopal, and Susheel Kumar Jain, who will all work together for the betterment of the Hyderabad real estate sector. The new team has adopted the theme of 'Embracing Growth and Innovation' as the core guiding principle for the activities to be undertaken during their tenure. They will focus on forward-looking themes encouraging adoption of new technology and encouraging innovation for smarter construction, adopt sustainable urban development, focus on curated skilling programmes for construction, project management and marketing while expanding real estate activities in the city. The team will focus on enhanced collaboration with the Telangana government, active participation in policy advocacy and promoting 'Brand Hyderabad' to strengthen the city's reputation as India's most dynamic real estate destination. Outlining the agenda of the new Managing Committee, newly elected President Jaideep Reddy, said, "As the city expands in all directions, driven by global capability centers (GCC), infrastructure upgrades, and a maturing real estate landscape, we are witnessing a clear shift toward premium living and sustainable development. CREDAI Hyderabad will continue to be a catalyst in this journey—by supporting homebuyers with trust, transparency, and timely delivery. We will empower the developers through proactive engagement, policy support, and skilling of manpower with future-ready solutions. With 'Embracing Growth and Innovation' as our guiding theme, we are committed to encourage adoption of new systems for construction and shaping a resilient, high-growth future of the Real Estate Sector in the city that leaves no one behind." 'The reports from all consultants and research agencies confirm Hyderabad's fundamentals are strong, marked by rising office space absorption and growing demand for larger, high-quality homes. CREDAI Hyderabad will continue to champion RERA compliance, advocate for ease of doing business, and collaborate with the government to build not just homes—but legacies," he added. Newly-elected General Secretary Kranti Kiran Reddy K, said, "The Hyderabad residential market is demonstrating renewed strength, with over Rs 4,000 crore in registrations in May 2025 — driven by a noticeable 37% rise in high-end home sales. This reflects growing buyer confidence and a shift toward premium and lifestyle-focused living. At CREDAI Hyderabad, we see this as an opportunity for growth and support this upward trend through continued policy advocacy, transparent processes, and enhanced adoption of new mechanisms and digital platforms—ensuring sustainable growth and investor trust across all segments." UNI KNR RN
Hans India
a day ago
- Hans India
ZeroHarm Eyes Rs 150 Crore Milestone by FY 2025 -'26, Accelerates Global Expansion into GCC
ZeroHarm Sciences, India's pioneering clean-label nutraceutical company, is set to accelerate its global footprint with a focused expansion into the GCC markets, including the UAE and the broader Middle East. Following a remarkable 10× revenue growth over the past two years and operating at a healthy ~20% EBITDA margin, the company closed the last fiscal year with 71 crore in gross revenue with an exit ARR of 90 crores. In the current fiscal, ZeroHarm is aiming for ₹150 crore in gross revenue, driven by strong domestic and global momentum and increasing traction in the United States, which now contributes nearly 30% of its overall revenue. At the heart of ZeroHarm's global success is its patented ZeroHarm BioEnhance platform, a pharma-grade nanotechnology that encapsulates plant-based actives at the nanoscale, dramatically enhancing their bioavailability by up to 5×, ensuring faster onset, precise dosing, and residue-free delivery. This breakthrough, backed by granted patents and deep R&D, makes ZeroHarm the first Indian company to bring pharmaceutical nanotech into nutraceuticals at scale. ZeroHarm's US FDA, CE, and ISO-certified formulations are backed by government-led clinical trials, with documented claims for 15 products, setting it apart in a market rife with unverified health claims. Today, the company offers over 70 targeted, condition-specific products spanning diabetes, arthritis, PCOS, liver and kidney health, immunity, and oncology support, with over million units sold across India to date. Backed by a fully owned, nanotech-enabled manufacturing facility, ZeroHarm can produce up to ₹250 crore worth of finished goods annually, making it one of the few Indian nutraceutical brands with true end-to-end production capabilities. To support its international expansion, ZeroHarm has acquired a dedicated manufacturing and R&D facility in the United States, enhancing local supply chain efficiency, fast-tracking formulation innovation, and enabling closer clinical and regulatory collaborations in key global markets. The U.S. infrastructure also gives ZeroHarm a significant strategic edge in developed markets, where stringent compliance standards often limit entry for Indian nutraceutical brands reliant on contract manufacturing. 'The global nutraceutical market is shifting, consumers are demanding not just clean labels, but clinical credibility. At ZeroHarm, we've combined deep R&D with pharma-grade nanotechnology to raise the bar for efficacy, safety, and transparency in preventive wellness. Our entry into the GCC is a natural extension of the trust we've built in India and the U.S., and a significant step toward making evidence-backed, plant-based therapeutics accessible to global consumers,' said Sachin Darbarwar, Founder & CEO, ZeroHarm Sciences. With distribution agreements and regulatory filings already underway, the company will also launch in the UK aside from the GCC markets by Q3 2025, introducing its clinically tested product lines via pharmacies, e-commerce platforms, and integrative practitioner networks.
