Olectra Greentech becomes India's first company to deploy 4,000 electric buses, clocking 730M km and cutting 650K tonnes of CO2. With a 8,500-vehicle order book and vertical integration, it leads the push toward India's 2030 electric bus target.
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Olectra Greentech Ltd has become the first company in India to deploy 4,000 electric buses on Indian roads, the company said Tuesday. The fleet has logged more than 730 million kilometers and prevented over 650,000 tonnes of carbon dioxide emissions.
The milestone cements the Hyderabad-based manufacturer's lead over domestic rivals like JBM Auto and Tata Motors in the race to electrify India's public transport fleet. Olectra, part of the MEIL Group, is the country's largest pure-play electric bus and electric tipper maker.
Mahesh Babu, Olectra's managing director, called the 4,000th bus a "defining milestone for India's electric mobility industry." The bus was handed over to the Himachal Pradesh government alongside 297 units for the state's road transport corporation, HRTC.
"This achievement belongs to our customers, our partners, our employees and every stakeholder who believed in our vision," Babu said.
Olectra's buses run across multiple states and cities, transporting millions of passengers daily. The company's order book now stands at over 8,500 vehicles, giving it a multi-year production pipeline even without new tenders.
The 4,000-unit deployment puts Olectra ahead of the central government's Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme targets, though the subsidy program's second phase is winding down. State transport undertakings that have deployed Olectra buses report lower per-kilometer operating costs than diesel equivalents, a key selling point as cash-strapped state road corporations look for savings.
India's electric bus penetration remains low at roughly 2-3% of the total public transport fleet. The government has set a target of 50,000 electric buses by 2030 under the National Electric Bus Programme. Olectra's current order book covers about 17% of that goal.
The company designs its buses in-house, including the battery packs and electric drivetrains, rather than assembling imported kits. That vertical integration, Babu said, makes Olectra less exposed to supply-chain disruptions than competitors that rely on Chinese or European component suppliers.
Shares of Olectra have gained roughly a third over the past year, outperforming the broader Nifty Auto index. The stock trades at about 25 times trailing earnings, a premium to Tata Motors' EV division valuation, reflecting investor expectations for order-book conversion.
Himachal Pradesh is the latest state to place a large order. The Himalayan state's hilly terrain and cold temperatures pose engineering challenges for battery range and charging that Olectra's engineering team had to solve in the HRTC contract.
"As India moves towards a cleaner and greener future, Olectra remains committed to leading the next phase of electric mobility through innovation, scale and world-class technology solutions," Babu said.
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