Olectra Greentech Limited has disclosed receiving a penalty notice from the Telangana Industrial Infrastructure Corporation Limited (TGIIC) amounting to ₹2.58 crore, including GST, for delayed completion of its EV manufacturing facility construction project.

Penalty Details and Timeline

The penalty notice covers a specific period from November 12, 2023, to November 11, 2025. TGIIC has directed the company to remit the penalty amount within seven days of receipt of the order.

Background of the EV Manufacturing Project

The penalty stems from delays in the full completion of Olectra Greentech's Greenfield EV Manufacturing Facility located at the Industrial Park in Seetharampur, Hyderabad, Telangana. According to a sale agreement dated November 11, 2021, the company acquired 150 acres of land from TGIIC for establishing this manufacturing facility.

The company had requested an extension of timelines for setting up the facility and sought a No-Objection Certificate (NOC) to obtain credit facilities against the scheduled property. In response to this request, TGIIC invoked the penalty clause outlined in the original sale agreement.

Current Operational Status

Despite the penalty notice, Olectra Greentech clarified that it has already partially commenced commercial operations at the new facility within the timelines stipulated in the sale agreement with TGIIC. This indicates that while full construction completion faced delays, the company has been able to begin production activities at the site.

Financial and Operational Impact

The company has assessed that apart from the penalty amount itself, there is no material impact on its financial or operational activities. Olectra Greentech stated that the impact is neither quantifiable financially nor operationally beyond the penalty sum.

This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material developments affecting the company.

Olectra Greentech , a company known for its focus on electric mobility solutions, recently made a clarification regarding its product lineup. This comes in the wake of an electric concept car showcase at the Telangana Rising Global Summit 2025, which led to some confusion about the company's offerings.

Key Points of Clarification

• Concept Car Display: An electric concept car was showcased at the Telangana Rising Global Summit 2025.
• Ownership Clarification: Olectra Greentech stated that the displayed concept vehicle belongs to a group company, not Olectra Greentech itself.
• Product Line Confirmation: The company explicitly stated that it does not produce electric cars.

This clarification is significant as it helps investors and industry observers understand the exact nature of Olectra Greentech's business activities and product offerings. It demonstrates the company's commitment to transparency and clear communication with its stakeholders.

While the display of an electric concept car at a prominent summit might have suggested a potential expansion into the electric car market, Olectra Greentech's prompt clarification helps prevent any misunderstandings about its current product portfolio and future directions.

For investors and market analysts, this information is crucial in accurately assessing the company's business model, market position, and potential growth areas within the electric mobility sector.