Olectra Greentech, part of the Megha Engineering & Infrastructures (MEIL) Group, is a pioneer in manufacturing electric buses in India. It is also India’s largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks. EVEY is wholly owned subsidiary of Promoters (MEIL Holdings Limited).

Shares of Olectra Greentech continued their upward movement, surging 15 per cent to Rs 647.95 on the BSE in Thursday’s intra-day trade, in an otherwise weak market on the back of positive corporate announcements. In comparison, the S&P BSE Sensex was down 0.50 per cent at 60,053 at 01:07 PM.

NITI Aayog mandated Convergence Energy Services Limited (CESL) for an additional procurement of 50,000 Electric buses in the next few years. This number is less than 10 per cent of total buses running in India. The State Transport Undertakings (STUs) apart from operating city buses are also interested in intercity operations. Similarly, the private operators, mufassil operators, school bus operators, airport transfers and pilgrim/tourist operators etc., are interested in adopting  (EVs). This is expected to propel huge demand for EVs in the coming years, the company said in its FY22 annual report.

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