Latest news with #GrossCostContract
New Indian Express
12 hours ago
- Business
- New Indian Express
Andhra: SLSC to oversee 750 e-bus proposal
VIJAYAWADA: The State government on Thursday constituted a State Level Steering Committee (SLSC) to oversee the submission of proposals to the Ministry of Housing and Urban Affairs (MoHUA) for procuring 750 electric buses under the PM e-Bus Sewa scheme. These e-buses, sanctioned by MoHUA, will be deployed across 11 cities in the State. As per the scheme's guidelines, each participating state must form an State Level Steering Committee headed by the Chief Secretary to review and forward proposals to the Centre for approval. Following a detailed study of the scheme and practices followed by other states like Punjab and Meghalaya, Andhra Pradesh formed the committee. The State Level Steering Committee will be chaired by the Chief Secretary, with members including the Special Chief Secretary (Energy), Principal Secretaries of Transport, Roads and Buildings, Finance, and MAUD, Secretary (Industries and Commerce), and the Commissioner of the Public Transport Department. The State government finalised M/s Pinnacle Mobility Solutions Pvt. Ltd., Pune, along with discovered Gross Cost Contract (GCC) prices, as the selected agency for supplying the buses. As per the Government Order, the proposal for the e-bus procurement will be submitted to the Ministry of Housing and Urban Affairs through the newly formed SLSC.
Time of India
11-06-2025
- Automotive
- Time of India
MSRTC to shun pvt contractors, buy own buses: Sarnaik
Pune: State transport minister Pratap Sarnaik on Wednesday said henceforth, MSRTC will not procure buses under the Gross Cost Contract (GCC) model but will own the vehicles. The GCC model involves public transport bodies partnering with private agencies to procure, operate and maintain buses. The minister, while speaking on the sidelines of Commercial Vehicles Forum-2025 in Pune, said, "We want to own our buses. MSRTC aims to procure 5,000 self-owned buses annually, of which 1,000 will be electric smart buses, while the remaining will be diesel-run. We plan to procure 25,000 buses in the next five years." Maharashtra State Road Transport Corporation (MSRTC) pays a fixed price per km to private agencies for the service. The private players bear the cost of the upkeep of the vehicles. "The state govt will provide funds to procure the buses. The number of buses in MSRTC's fleet has drastically reduced, so the decision was made to procure our own buses," Sarnaik said. The state transport body's move comes after it received only 216 e-buses out of the planned 5,150 e-buses from Olectra Greentech and Evey Trans Pvt Ltd. The contract, worth Rs 10,000 crore, was signed in 2023, under which the buses were to be delivered this year. However, after only 216 of the buses were delivered to the state transport body, Sarnaik ordered the termination of the contract last month. The minister, however, reversed the decision and told the consortium to deliver the buses adhering to a fresh timeline. As per the revised timeline, 625 buses would be delivered to MSRTC in 2025; 2,100 buses in 2026, and the remaining buses in 2027. The new e-buses will include AI-enabled CCTV cameras that will monitor driver behaviour. If the driver yawns or uses a cellphone while driving, the system will alert passengers and trigger a danger alarm. Taking into consideration the safety of women passengers, the cameras will also monitor passengers' movements and activities. "The buses will be equipped with foam-based fire extinguishers and will have systems to prevent unauthorised entry when the buses are parked or locked. Any such attempt will trigger an alarm," Sarnaik said. At present, MSRTC has around 15,000 buses in its fleet. As many as 2,600 regular buses will be added to the current fleet by the end of the year, and a few existing buses will be scrapped. Regular commuters, however, said the transport body has been overpromising and underdelivering. "Some or the other plan is being announced each week, but there are no changes on the ground," Girish Sahne, a regular MSRTC commuter, told TOI. Meanwhile, the minister said the authorities concerned are working on resolving the issue of the Shivajinagar bus stand. "Deputy chief minister Ajit Pawar held a meeting recently. The issue will be resolved soon. Also, the plan to redevelop 72 bus stations is in progress. We are focusing on the cleanliness and security of bus depots and stations. After the alleged Swargate rape case, we are focusing on the safety of women. So, we are looking at smart buses with facilities powered by AI," the minister said.
Time of India
28-05-2025
- Business
- Time of India
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). Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now Undo 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. Live Events 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. Also read: HDFC unit is said to near SEBI nod for $1.5 billion IPO
Time of India
27-05-2025
- Automotive
- Time of India
Olectra Green debunks reports of ₹10,000 crore e-bus order cancellation
Olectra Greentech Ltd on Tuesday said it has not received any official cancellation order for its electric bus contract in Maharashtra , countering earlier media reports that the ₹10,000 crore deal had been scrapped over procedural lapses. 'The contract execution is under process. Haven't received any cancellation order as reported in the media,' the company said. Despite the clarification, shares of Olectra slid as much as 13% during intraday trading after Maharashtra Transport Minister Pratap Sarnaik posted on X that a tender for electric buses in Bhandetali had been cancelled due to 'serious discrepancies.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sàn cao su chất lượng sắp được tặng ở Thôn Phật Chỉ Gạch | Quảng cáo tìm kiếm Tìm Ngay Undo — PratapSarnaik (@PratapSarnaik) 'The decision has been taken to cancel the tender awarded to the company operating 150 electric buses in Bhandetali due to serious discrepancies. A fresh tender will be issued soon,' Sarnaik wrote. He did not name the company, but investor sentiment pointed to Olectra Greentech as the affected party. Live Events Olectra, along with its consortium partner Evey Trans Private Limited (EVEY), had received a Letter of Intent (LOI) from the Maharashtra State Road Transport Corporation (MSRTC) earlier this year to supply, operate, and maintain 5,150 electric buses under a Gross Cost Contract model. The contract, estimated at ₹10,000 crore, also included related electrical and civil infrastructure. Also Read: Maruti commences high voltage training program at 130 ITIs to accelerate EV adoption Shares of the company ended the day at ₹1,255.90, down ₹89.60 or 6.65% from the previous close. As per the LOI, EVEY was expected to procure the buses from Olectra, with deliveries scheduled over 24 months. Olectra was also tasked with long-term maintenance of the fleet. Over the past one year, the stock has declined by 30.21%. On a year-to-date (YTD) basis, it is down 15.06%, while the six-month return shows a drop of 19.67%. In contrast, the stock has gained 12.16% over the last three months and 4.60% in the past one month, indicating a short-term recovery amid long-term weakness.
Time of India
13-05-2025
- Business
- Time of India
Cityflo parent and Globus Trans form joint venture to enter state-run bus transit sector
Komorebi Tech Solutions, the parent company of urban mobility platform Cityflo , has announced a joint venture with Globus Trans Solutions LLP to operate in the state government-run bus transit ecosystem. Urban Glide is a joint venture with Globus Trans Solutions LLP, founded by public transport veteran Victor Nagaonkar—who led operations at BEST for over four decades—along with Sunil Solanki, a seasoned public transit veteran with extensive supply and operational experience across public transit companies like PMPML. Urban Glide will begin operations with 500 electric buses in its first year, reinforcing India's focus on disrupting public mobility by making it accessible and sustainable. India is expected to lead the world's largest electric bus transition. Over 200,000 state-owned buses are being inducted into public-private operations under the Gross Cost Contract (GCC) model—a Rs 1,00,000 crore annual opportunity that is reshaping the country's urban transit landscape. 'We believe this will be one of urban India's most consequential infrastructure transitions. The opportunity is not just operational but generational. India is going to move over 200 million people a day on zero-emission, clean, well-run buses. Urban Glide is our commitment to building at the scale and standard that this moment demands,' said Jerin Venad, CEO of Cityflo. India's public bus ecosystem—run largely by State Transport Undertakings (STUs)—has struggled with funding gaps, ageing fleets, and subpar commuter experiences for decades. Live Events The GCC framework redefines this structure by entrusting service delivery to experienced, specialized private fleet operators while the state retains control over routes and fare policy. This model has already seen long-standing success in global transit hubs such as Singapore and the UK, where players like ComfortDelGro and Stagecoach have helped deliver high-reliability, high-frequency services under similar PPP frameworks. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In India, with thousands of electric buses currently under procurement, Urban Glide is designed specially to meet this at scale —with asset lifecycle control, professionalised operations and driver management, data-led route and cost optimizations and embedded safety and compliance protocols. 'We have seen this move in other sectors: regulation opens, capital flows in, and the incumbents are those who can build at scale. Public transport is now getting its Jio moment,' added Venad. Urban Glide will take charge of its first 150 buses across MMR, with plans to expand operations across the country as more GCC contracts are awarded. With long term contract tenures and fare collection handled by the state, the model is inherently built to mitigate risk for operators. Government subsidies on EV operations and the first phase of a Payment Security Mechanism (PSM) are already in place—encouraging participation from credible players. Cityflo's entry signals that the next phase of Indian mobility is not just about building new apps or taking on expensive transit infrastructure —but about building dependable, scalable public systems that can lift daily life for millions. The public transit opportunity is now both economically viable and socially essential—and Urban Glide aims to lead from the front.
