Latest news with #OlectraGreentech
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.
Business Standard
09-06-2025
- Automotive
- Business Standard
Olectra Greentech chairman & MD K.V. Pradeep resigns
Olectra Greentech announced that its chairman and managing director (MD), K.V. Pradeep has resigned from both positions, due to personal reasons. The company stated that the effective date of his resignation will be communicated in due course. Olectra Greentech is engaged in the manufacturing of composite polymer insulators, electric buses, and electric trucks. The companys consolidated net profit slipped 55.62% to Rs 20.69 crore in Q4 FY25, compared with Rs 46.62 crore in Q3 FY25. Revenue from operations declined 12.89% QoQ to Rs 448.92 crore in Q4 FY25. Shares of Olectra Greentech rose 0.43% to Rs 1,227.30 on the BSE.
Economic Times
09-06-2025
- Business
- Economic Times
Megha deal: Krishna Reddy plans Rs 15,000 crore buyout of uncle PP Reddy's 51% stake
Mumbai|New Delhi: The two principal shareholders of Megha Engineering and Infrastructure (MEIL), the Reddy uncle-nephew duo, are finalising a family settlement, said people with knowledge of the matter. This will see PV Krishna Reddy buying out uncle Pamireddy Pitchi Reddy's controlling interest three decades after the two started their entrepreneurial journey with small pipes for municipalities. It's since become a $5-billion, privately held infrastructure conglomerate that's among the largest in the country, said the people in the know. Krishna Reddy, with a net worth of $2.2 billion as per Forbes, is in talks with financial institutions to raise as much as Rs 12,000-15,000 crore to buy out his uncle's 51% stake in the holding company. Krishna Reddy owns the remaining 49%. According to the people cited, the services of a former chief justice of India were used to finalise the terms of settlement, which has been in the works for over two years. These have now been formalised and the valuations agreed upon, they said. The deal has to be wrapped up by March 2027. Krishna Reddy is planning to raise part of the funds from private structured credit and special situation funds such as Kotak Alternate Asset Managers, Varde and Farallon. He's also in discussions with global banks such as Deutsche aims to partly or fully monetise some assets to raise the residual financing. One such asset is a power transmission project in western Uttar Pradesh, for which offers have come from domestic infrastructure groups, said officials involved. The nephew expects to raise almost half the settlement amount—about Rs 7,000 crore—from the sale of the interstate transmission lines and the substation have also been taking place with some of the largest global funds to divest the city gas unit. Megha City Gas Pvt Ltd is operational in 62 districts across eight states including Punjab, Maharashtra, Madhya Pradesh, Andhra Pradesh and Tamil the transmission network has been on the block, a deal is yet to be clinched, insiders said. Against a payment schedule for the Rs 15,000 crore settlement amount, only about Rs 1,000 crore has been paid so operations and maintenance wing of Olectra Greentech, the only listed entity of the group, may also be hived off to raise funds, said the people cited. Megha Engineering is the promoter of the company that makes e-buses and composite polymer insulators with a 50% stake. Between July 2023 and February 2024, the stock of Olectra Greentech more than doubled in value, sending it to an all-time high of over Rs 2,200. The stock was down 45% from those levels at the Friday close. Krishna Reddy declined to comment. PP Reddy didn't respond to queries. Clinching the settlement was not easy, said the people cited, given that there was interest from one of the country's richest men—whose conglomerate is invested heavily in infrastructure—in the 51% stake of Reddy senior. According to people in the know, Krishna Reddy sought the aid of top political leaders to ward off this flamboyant uncle, PP to his friends, comes from humble origins in the Krishna district of Andhra Pradesh. Within two years of starting the business, he roped in his nephew. After initial success in irrigation projects, the group diversified into natural gas distribution, roads, dams, tunnelling, engineering, procurement and construction (EPC) and hydrocarbons, among 2006, the company's name was changed to the current one from Megha Engineering Enterprises.'Megha is a classic case study of the rise of the Telugu businessman under YSR Reddy's irrigation boom,' said the managing director of another Hyderabad-based diversified group, referring to the deceased chief minister of the undivided state. 'Like several of their peers in business and community, they started doing PWD (public works department) contracts only to become massive. It's a similar trajectory taken by other families that run GMR, IVRCL, Navayuga, NCC, Ramky etc. Several amassed enormous wealth but succumbed to debt pressures. Megha has only grown bigger.'This meteoric rise brought them into the national spotlight but also into regulatory and corporate crosshairs. Following the disclosure that Megha had bought electoral bonds worth Rs 966 crore, allegations of a quid pro quo for government contracts surfaced. The company has always denied any Reddy was responsible for expanding operations, acquiring companies in Italy for instance, said the people cited. This has helped the group expand in Asia, Africa and Latin America and form joint ventures such as the one with China's BYD for electric vehicles (EVs). However, the joint venture's plan to make EVs in India has been stuck for years due to Press Note 3, which mandates government approval for investments from countries that share a land border with India. This is specifically aimed at China due to the testy ties between the two. MEIL acquired the oil and gas division of the Trevi Group, which included Drillmec SpA and Petreven SpA (Italy) for 116.4 million euros in 2020. Drillmec is a global manufacturer of oil and gas drilling rigs and related equipment. It currently operates rigs in Venezuela and Mexico. One of the reasons for the uncle stepping aside is age, said people who know him.'PP is turning 70 soon and he wants to now retire and lead the good life,' said a long-time family friend. 'Krishna is firmly in the saddle and the family, instead of bickering, came to an understanding. There were initial differences in terms of valuations, but that is very common. Now Krishna is busy organising funds to fast-track the buyout. I will not rule out an IPO down the line as well. The asset sales will also help prune the vast portfolio.' MEIL's marquee project wins — the Zojila Road Tunnel, Char Dham Rail Tunnel, Thane Borivali twin tunnel project, Machilipatnam Port, Tuticorin Thermal Project, BKC bullet train terminal and Kaleshwaram Lift Irrigation Project — have faced controversy and challenges by rivals. Last month, L&T took the Mumbai Metropolitan Region Development Authority (MMRDA) to the Supreme Court after its bid for the construction of a road tunnel between Gaimukh and Fountain Hotel Junction and an elevated road along the Thane-Ghodbunder corridor--key links in Mumbai's coastal road initiative--were rejected by the civic authority. The two high-value infrastructure projects worth Rs 14,000 crore had been awarded to MEIL. The controversy forced MMDRA to scrap the tender.
Time of India
09-06-2025
- Business
- Time of India
Megha deal: Krishna Reddy plans Rs 15,000 crore buyout of uncle PP Reddy's 51% stake
Deal set to Wrap Up Next Year ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT Power of two Beyond Business Mumbai|New Delhi: The two principal shareholders of Megha Engineering and Infrastructure (MEIL), the Reddy uncle-nephew duo, are finalising a family settlement, said people with knowledge of the will see PV Krishna Reddy buying out uncle Pamireddy Pitchi Reddy's controlling interest three decades after the two started their entrepreneurial journey with small pipes for municipalities. It's since become a $5-billion, privately held infrastructure conglomerate that's among the largest in the country, said the people in the Reddy, with a net worth of $2.2 billion as per Forbes, is in talks with financial institutions to raise as much as Rs 12,000-15,000 crore to buy out his uncle's 51% stake in the holding company. Krishna Reddy owns the remaining 49%.According to the people cited, the services of a former chief justice of India were used to finalise the terms of settlement, which has been in the works for over two years. These have now been formalised and the valuations agreed upon, they deal has to be wrapped up by March Reddy is planning to raise part of the funds from private structured credit and special situation funds such as Kotak Alternate Asset Managers, Varde and Farallon. He's also in discussions with global banks such as Deutsche aims to partly or fully monetise some assets to raise the residual financing. One such asset is a power transmission project in western Uttar Pradesh, for which offers have come from domestic infrastructure groups, said officials involved. The nephew expects to raise almost half the settlement amount—about Rs 7,000 crore—from the sale of the interstate transmission lines and the substation have also been taking place with some of the largest global funds to divest the city gas unit. Megha City Gas Pvt Ltd is operational in 62 districts across eight states including Punjab, Maharashtra, Madhya Pradesh, Andhra Pradesh and Tamil the transmission network has been on the block, a deal is yet to be clinched, insiders said. Against a payment schedule for the Rs 15,000 crore settlement amount, only about Rs 1,000 crore has been paid so operations and maintenance wing of Olectra Greentech, the only listed entity of the group, may also be hived off to raise funds, said the people cited. Megha Engineering is the promoter of the company that makes e-buses and composite polymer insulators with a 50% stake. Between July 2023 and February 2024, the stock of Olectra Greentech more than doubled in value, sending it to an all-time high of over Rs 2,200. The stock was down 45% from those levels at the Friday Reddy declined to comment. PP Reddy didn't respond to the settlement was not easy, said the people cited, given that there was interest from one of the country's richest men—whose conglomerate is invested heavily in infrastructure—in the 51% stake of Reddy senior. According to people in the know, Krishna Reddy sought the aid of top political leaders to ward off this flamboyant uncle, PP to his friends, comes from humble origins in the Krishna district of Andhra Pradesh. Within two years of starting the business, he roped in his nephew. After initial success in irrigation projects, the group diversified into natural gas distribution, roads, dams, tunnelling, engineering, procurement and construction (EPC) and hydrocarbons, among 2006, the company's name was changed to the current one from Megha Engineering Enterprises.'Megha is a classic case study of the rise of the Telugu businessman under YSR Reddy's irrigation boom,' said the managing director of another Hyderabad-based diversified group, referring to the deceased chief minister of the undivided state. 'Like several of their peers in business and community, they started doing PWD (public works department) contracts only to become massive. It's a similar trajectory taken by other families that run GMR, IVRCL, Navayuga, NCC, Ramky etc. Several amassed enormous wealth but succumbed to debt pressures. Megha has only grown bigger.'This meteoric rise brought them into the national spotlight but also into regulatory and corporate crosshairs. Following the disclosure that Megha had bought electoral bonds worth Rs 966 crore, allegations of a quid pro quo for government contracts surfaced. The company has always denied any Reddy was responsible for expanding operations, acquiring companies in Italy for instance, said the people cited. This has helped the group expand in Asia, Africa and Latin America and form joint ventures such as the one with China's BYD for electric vehicles (EVs). However, the joint venture's plan to make EVs in India has been stuck for years due to Press Note 3, which mandates government approval for investments from countries that share a land border with India. This is specifically aimed at China due to the testy ties between the acquired the oil and gas division of the Trevi Group , which included Drillmec SpA and Petreven SpA (Italy) for 116.4 million euros in 2020. Drillmec is a global manufacturer of oil and gas drilling rigs and related equipment. It currently operates rigs in Venezuela and of the reasons for the uncle stepping aside is age, said people who know him.'PP is turning 70 soon and he wants to now retire and lead the good life,' said a long-time family friend. 'Krishna is firmly in the saddle and the family, instead of bickering, came to an understanding. There were initial differences in terms of valuations, but that is very common. Now Krishna is busy organising funds to fast-track the buyout. I will not rule out an IPO down the line as well. The asset sales will also help prune the vast portfolio.'MEIL's marquee project wins — the Zojila Road Tunnel , Char Dham Rail Tunnel, Thane Borivali twin tunnel project, Machilipatnam Port, Tuticorin Thermal Project , BKC bullet train terminal and Kaleshwaram Lift Irrigation Project — have faced controversy and challenges by month, L&T took the Mumbai Metropolitan Region Development Authority (MMRDA) to the Supreme Court after its bid for the construction of a road tunnel between Gaimukh and Fountain Hotel Junction and an elevated road along the Thane-Ghodbunder corridor--key links in Mumbai's coastal road initiative--were rejected by the civic two high-value infrastructure projects worth Rs 14,000 crore had been awarded to MEIL. The controversy forced MMDRA to scrap the tender.
Time of India
09-06-2025
- Business
- Time of India
Megha Promoter Duo to Engineer Family Settlement
Live Events The two principal shareholders of Megha Engineering and Infrastructure MEIL ), the Reddy uncle-nephew duo, are finalising a family settlement, said people with knowledge of the matter. This will see PV Krishna Reddy buying out uncle Pamireddy Pitchi Reddy's controlling interest three decades after the two started their entrepreneurial journey with small pipes for municipalities. It's since become a $5-billion, privately held infrastructure conglomerate that's among the largest in the country, said the people in the Reddy, with a net worth of $2.2 billion as per Forbes, is in talks with financial institutions to raise as much as ₹12,000-15,000 crore to buy out his uncle's 51% stake in the holding company. Krishna Reddy owns the remaining 49%.According to the people cited, the services of a former chief justice of India were used to finalise the terms of settlement, which has been in the works for over two years. These have now been formalised and the valuations agreed upon, they deal has to be wrapped up by March Reddy is planning to raise part of the funds from private structured credit and special situation funds such as Kotak Alternate Asset Managers, Varde and Farallon. He's also in discussions with global banks such as Deutsche aims to partly or fully monetise some assets to raise the residual financing. One such asset is a power transmission project in western Uttar Pradesh, for which offers have come from domestic infrastructure groups, said officials involved. The nephew expects to raise almost half the settlement amount—about ₹7,000 crore—from the sale of the interstate transmission lines and the substation have also been taking place with some of the largest global funds to divest the city gas unit. Megha City Gas Pvt Ltd is operational in 62 districts across eight states including Punjab, Maharashtra, Madhya Pradesh, Andhra Pradesh and Tamil Nadu. While the transmission network has been on the block, a deal is yet to be clinched, insiders said. Against a payment schedule for the ₹15,000 crore settlement amount, only about ₹1,000 crore has been paid so operations and maintenance wing of Olectra Greentech, the only listed entity of the group, may also be hived off to raise funds, said the people cited. Megha Engineering is the promoter of the company that makes e-buses and composite polymer insulators with a 50% stake. Between July 2023 and February 2024, the stock of Olectra Greentech more than doubled in value, sending it to an all-time high of over Rs 2,200. The stock was down 45% from those levels at the Friday Reddy declined to comment. PP Reddy didn't respond to the settlement was not easy, said the people cited, given that there was interest from one of the country's richest men—whose conglomerate is invested heavily in infrastructure—in the 51% stake of Reddy senior. According to people in the know, Krishna Reddy sought the aid of top political leaders to ward off this flamboyant uncle, PP to his friends, comes from humble origins in the Krishna district of Andhra Pradesh. Within two years of starting the business, he roped in his nephew. After initial success in irrigation projects, the group diversified into natural gas distribution, roads, dams, tunnelling, engineering, procurement and construction (EPC) and hydrocarbons, among 2006, the company's name was changed to the current one from Megha Engineering Enterprises. 'Megha is a classic case study of the rise of the Telugu businessman under YSR Reddy's irrigation boom,' said the managing director of another Hyderabad-based diversified group, referring to the deceased chief minister of the undivided state. 'Like several of their peers in business and community, they started doing PWD (public works department) contracts only to become massive. It's a similar trajectory taken by other families that run GMR, IVRCL, Navayuga, NCC, Ramky etc. Several amassed enormous wealth but succumbed to debt pressures. Megha has only grown bigger.'This meteoric rise brought them into the national spotlight but also into regulatory and corporate crosshairs. Following the disclosure that Megha had bought electoral bonds worth ₹966 crore, allegations of a quid pro quo for government contracts surfaced. The company has always denied any Reddy was responsible for expanding operations, acquiring companies in Italy for instance, said the people cited. This has helped the group expand in Asia, Africa and Latin America and form joint ventures such as the one with China's BYD for electric vehicles (EVs). However, the joint venture's plan to make EVs in India has been stuck for years due to Press Note 3, which mandates government approval for investments from countries that share a land border with India. This is specifically aimed at China due to the testy ties between the of the reasons for the uncle stepping aside is age, said people who know him.'PP is turning 70 soon and he wants to now retire and lead the good life,' said a long-time family friend. 'Krishna is firmly in the saddle and the family, instead of bickering, came to an understanding. There were initial differences in terms of valuations, but that is very common. Now Krishna is busy organising funds to fast-track the buyout. I will not rule out an IPO down the line as well. The asset sales will also help prune the vast portfolio.'
