Olectra Greentech Secures ₹424 Crore Order from Himachal Road Transport Corporation

Olectra Greentech Limited, a leading player in the electric mobility sector, has announced a significant milestone with the receipt of a Letter of Award (LOA) from Himachal Road Transport Corporation (HRTC). The company will supply and maintain 297 electric buses in a deal valued at approximately ₹424.01 crores.

This order, awarded by a domestic entity, marks another step in Olectra’s ongoing efforts to electrify public transport across India. The buses will be delivered on an outright sale basis, and Olectra will also handle their maintenance, ensuring a complete service package to HRTC.

The execution timeline for the order is set at 11 months from the date of the LOA, enabling the deployment of these electric buses within the next year. This move aligns with India’s push toward sustainable and eco-friendly public transportation solutions, particularly in environmentally sensitive regions like Himachal Pradesh.

In a formal communication to BSE Limited and the National Stock Exchange of India Ltd, Olectra confirmed that neither the company’s promoters nor any of its group companies have any interest in HRTC, and the transaction does not fall under related party dealings.

This order not only strengthens Olectra’s position in the EV public transport space but also contributes to the broader national goal of reducing carbon emissions and promoting cleaner urban mobility.

India's electric vehicle (EV) policy is driven by the government’s ambitious goal to reduce carbon emissions, curb oil imports, and promote sustainable mobility. Central to this vision is the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, now in its second phase. FAME II provides substantial incentives for EV buyers, especially in the two-wheeler, three-wheeler, and public transport segments, including e-buses and e-rickshaws. Additionally, the Production Linked Incentive (PLI) scheme supports domestic EV manufacturing and battery production.

Public transport is at the heart of India’s EV adoption strategy. With the transport sector contributing significantly to urban pollution, state governments and municipal bodies are increasingly transitioning to electric buses and taxis. Initiatives by entities like EESL (Energy Efficiency Services Limited) and the Department of Heavy Industries have led to large-scale tenders for electric buses in cities such as Delhi, Mumbai, Hyderabad, and Bengaluru.

Electric buses offer a clean, efficient alternative to diesel fleets and significantly lower operating costs. Adoption is accelerating due to falling battery prices, improved charging infrastructure, and supportive policies. India’s vision is to have a substantial portion of public transport electrified by the end of the decade, making sustainable urban mobility a national priority.