Olectra grants $3.95 billion contract for EV manufacturing unit to Megha Engineering and Infrastructures

Megha Engineering and Infrastructures Limited has been granted the contract to establish Olectra Greentech’s new greenfield electric vehicle (EV) production facility. The facility will be built at Seetharampur in Hyderabad. The greenfield EV manufacturing facility will have an annual production capacity of 5,000 buses/trucks and other EVs, with the capacity to scale up to 10,000 units.The contract’s proposed value is Rs 3.95 billion. According to the notification, the facility will be built on 150 acres of land in Seetharampur and will be finished within 12 months after the shareholders’ final approval date.

In March 2023, Telangana State Road Transport Corporation (TSRTC) placed an order for 550 electric buses with Olectra Greentech, a subsidiary of Megha Engineering and Infrastructures Limited (MEIL). The order forms an important step towards Telangana’s electric mobility initiative for large-scale clean, green public transportation. The e-buses will be delivered in stages in the near future.

In February 2023, Olectra Greentech introduced a hydrogen bus developed in technical collaboration with Reliance, with the aim of commercialising the carbon-free alternative to traditional public transportation within a year. Reportedly, the hydrogen bus is a fully carbon-free alternative to traditional public transportation. Olectra has taken the initiative to accelerate the development of hydrogen-powered buses.