|With 232 buses delivered in the first half of the fiscal year, the Hyderabad-based electric bus manufacturer plans to deliver 500 more in the second half.
Olectra Greentech Limited (formerly known as Goldstone Infratech Limited) was formed in October 2000 to take over the telecom business of Goldstone Technologies as part of its restructuring program. Currently, the Company manufactures composite polymer insulators and electrical buses. During FY2007-08, the company changed its name from Goldstone Teleservices Ltd to Goldstone Infratech Ltd. With production facilities situated at IDA, Cherlapally, Hyderabad, R.R.Dist., Andhra Pradesh, Goldstone Infratech Limited (GIL) and its consolidated subsidiaries are primarily engaged in the manufacture of Telecom Cable Jointing Kits and Composite Polymer Insulators.
In July 2024, Olectra Greentech, a Hyderabad-based electric bus maker, will start manufacturing its electric buses in its new facility. Initially, the company will be able to accommodate 5,000 buses, gradually increasing its capacity to 10,000 buses. During the current fiscal year, the company anticipates delivering at least 2,500 buses.
In the first half of the fiscal year, Olectra has delivered 232 buses and has over 9,000 bus orders. A further 500 buses are expected to be delivered to the company in the year’s second half.
The revised target of 700 buses has been set over the previously guided 1,000 buses for fiscal year 2024, but there has been a slight adjustment to the projected delivery numbers.
PM e-Seva is one of the significant projects on the horizon, but Olectra Greentech has not yet submitted its bid. According to the company, this is a strategic move that supports the government’s sustainability initiatives and strengthens the company’s position in the market.
The market capitalization of Olectra Greentech is Rs. 11,054.63 crores.
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