Electric mobility major Olectra Greentech has secured a ₹ 1,800-crore order for 1,085 electric buses from Telangana State Road Transport Corporation (TGSRTC), marking one of the largest single-state e-bus deployments under the Centre’s PM E-DRIVE initiative.
The contract, awarded under the PM E-DRIVE programme led by Convergence Energy Services Ltd (CESL), covers the supply, operation and maintenance of the buses for intra-city services. The order comprises 1,025 12-metre non-AC buses and 60 12-metre AC buses.
According to a stock exchange filing, the Letters of Award were issued to Evey Trans Private Ltd (EVEY), an electric bus operator, under a gross cost contract (GCC) or Opex model for a 12-year period. EVEY will procure the buses from Olectra, with deliveries scheduled over 20 months.
Under the GCC framework, the operator owns and maintains the buses while the state transport undertaking pays a per-kilometre fee, reducing upfront capital burden for the public transporter and ensuring predictable revenue streams for the operator. The transaction between Olectra and EVEY falls under related-party arrangements and will be executed on an arm’s length basis, the company said.
The order significantly strengthens Olectra’s order book and reinforces its position in India’s fast-growing electric bus market, which is witnessing increasing adoption under central and state-backed electrification programmes.
Olectra Greentech MD Mahesh Babu described the deal as a defining milestone in the company’s journey. “Our continued commitment to the Make in India vision and to building world-class electric buses has received strong reinforcement through this prestigious order under the PM E-DRIVE programme,” he said, adding that Telangana — and particularly Hyderabad — represents both the company’s home base and a hub of innovation.
The latest order is expected to accelerate the electrification of public transport in Telangana, supporting the state’s efforts to reduce urban emissions and modernise city mobility infrastructure. It also reflects growing momentum behind the Opex-led procurement model, which is increasingly becoming the preferred structure for large-scale e-bus deployment across India.
With deliveries spread over nearly two years, the project provides medium-term revenue visibility for Olectra while deepening its engagement in one of the country’s key urban transport markets.