Olectra Greentech Limited has announced the resignation of a senior management personnel, marking a key leadership change in its human resources department. The company has informed both BSE and NSE about this development in compliance with regulatory requirements.

Senior Management Departure

Mr. Sanjay Rastogi, Associate Vice President - Human Resources, has resigned from his position effective close of business hours on March 03, 2026. The resignation was formally communicated to stock exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance

The company has fulfilled all disclosure requirements as mandated by SEBI regulations. The intimation includes detailed information about the cessation date and circumstances surrounding the resignation. P. Hanuman Prasad, Vice President - Company Secretary & Legal, signed the regulatory filing on behalf of the company.

Notice Period and Transition

According to the resignation letter dated January 03, 2026, Mr. Rastogi provided a two-month notice period in accordance with his employment terms. The notice period commenced from January 03, 2026, and concluded on March 03, 2026. In his resignation letter, he expressed gratitude for the opportunity to work with the organization and acknowledged the support received from colleagues during his tenure.

Corporate Governance

The resignation follows proper corporate governance protocols, with all necessary documentation submitted to regulatory authorities. The company has attached the complete resignation letter as part of its disclosure to ensure transparency with stakeholders and maintain compliance with listing regulations.

Olectra Greentech has secured a major order worth ₹1,800 crore for supplying 1,085 electric buses to Telangana State Road Transport Corporation (TGSRTC). The order was awarded to the company's subsidiary Evy Trans Private Limited (EVEY), which received two Letters of Award (LOAs) from TGSRTC for supply, operation and maintenance of electric buses for intra-city operations.

Order Specifications

The comprehensive order comprises two categories of 12-meter electric buses designed for urban transportation. TGSRTC has awarded contracts for both air-conditioned and non-air-conditioned variants to meet diverse operational requirements.

Contract Structure and Timeline

The order operates under a Gross Cost Contract (GCC) model, also known as OPEX model, spanning a 12-year contract period. This structure ensures long-term partnership between Olectra Greentech and TGSRTC, covering both supply and maintenance services.

Business Impact and Operations

The ₹1,800 crore order represents a significant milestone for Olectra Greentech's electric vehicle business. Under the arrangement, EVEY will procure the buses from Olectra Greentech Limited, which will handle the manufacturing and delivery over the specified 20-month period. The company will also undertake maintenance responsibilities for these buses throughout the entire 12-year contract duration.

This domestic contract strengthens Olectra Greentech's position in India's electric bus market and demonstrates the company's capability to handle large-scale orders. The transaction between Olectra and EVEY constitutes a related party transaction conducted on an arm's length basis, ensuring compliance with regulatory requirements.