Olectra Greentech Limited , a prominent player in the electric vehicle sector, has recently made a strategic move to maintain its ownership stake in its subsidiary, Evey Trans (MAH) Private Limited. The company has acquired additional shares to preserve its 26% ownership in the subsidiary, demonstrating its commitment to the venture.

Details of the Acquisition

According to the latest disclosure to the stock exchanges, Olectra Greentech has purchased 1,79,37,400 additional equity shares of Rs. 10 each in Evey Trans (MAH) Private Limited. This acquisition brings Olectra's total holding in the subsidiary to 1,79,40,000 equity shares, maintaining its 26% stake in the company.

Purpose of the Acquisition

The primary objective behind this share purchase is to implement a specific project and maintain Olectra's current holding percentage. Evey Trans (MAH) Private Limited is set to act as a Special Purpose Vehicle (SPV) for executing a contract with BEST (Brihanmumbai Electric Supply and Transport).

Financial Implications

The cost of acquisition for the additional shares amounts to Rs. 17,93,74,000. This investment underscores Olectra Greentech's confidence in the subsidiary's potential and its commitment to the electric vehicle sector.

About Evey Trans (MAH) Private Limited

Evey Trans (MAH) Private Limited, incorporated on March 5, 2024, operates in the service industry. The company's primary business involves owning, operating, and leasing electric vehicles in India. As of March 31, 2025, the company reported the following financial figures:

Note: Financial figures in lakhs of Indian Rupees

Regulatory Compliance

This transaction falls under the category of a related party transaction, as the remaining 74% stake in Evey Trans (MAH) Private Limited is held by EVEY TRANS PRIVATE LIMITED. Both entities are under common control with MEIL Holdings Ltd. The company has affirmed that the transaction was conducted at arm's length.

Olectra Greentech's move to maintain its stake in Evey Trans (MAH) Private Limited aligns with its strategy in the electric vehicle sector. As the industry continues to evolve, this investment positions Olectra to capitalize on opportunities in the growing market for electric public transportation.

In a significant move towards sustainable urban transportation, the Indian government has issued a tender for 10,900 electric buses, potentially boosting the prospects of electric vehicle manufacturers like Olectra Greentech Ltd .

Bengaluru Leads in Bus Allocation

The tender, aimed at promoting clean mobility solutions in urban areas, has allocated the highest number of buses to Bengaluru. This decision underscores the government's commitment to addressing air pollution and traffic congestion in major metropolitan cities.

Olectra Greentech's Potential Role

Olectra Greentech, a key player in the electric vehicle manufacturing sector, has been mentioned in connection with this development. As one of India's prominent electric bus manufacturers, the company stands to benefit from this large-scale tender.

Implications for the EV Industry

This massive tender for electric buses signals a strong push towards electrification of public transportation in India. It presents a substantial opportunity for companies like Olectra Greentech to expand their market presence and contribute to the country's green mobility initiatives.

Looking Ahead

The implementation of this tender could mark a turning point in India's public transportation landscape, potentially leading to reduced carbon emissions and improved air quality in urban centers. For Olectra Greentech and other players in the EV industry, this development may open doors to significant growth and innovation.

As the tender process unfolds, stakeholders will be keenly watching how companies like Olectra Greentech position themselves to capitalize on this opportunity and contribute to India's sustainable transportation goals.