Electric bus manufacturer Olectra Greentech Ltd on Wednesday (July 19) said it has awarded a contract to Megha Engineering & Infrastructures Ltd (MEIL) for the construction of a greenfield electric vehicle manufacturing facility in Telangana.

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The manufacturing facility is being constructed on 150 acres of land at Seetharampur, Hyderabad, at a cost of Rs 395.12 crore, the company said in an exchange filing.

As per the contract, construction of the greenfield EV manufacturing facility will be completed within 12 months from the date of approval of the shareholders (July 19, 2023). The contract has been awarded to MEIL, which is the ultimate holding company and related party to Olectra, it added.

Olectra Greentech was established in 2000 and pioneered the introduction of electric buses in India in 2015. It is also the largest manufacturer in India of silicone rubber/composite insulators for power transmission and distribution networks.

The company is part of the Hyderabad-based Megha Engineering and Infrastructures Ltd.

Shares of Olectra Greentech Ltd ended at Rs 1,306.65, down by Rs 2.70, or 0.21 percent on the BSE.

(Edited by : Shoma Bhattacharjee)