Olectra Greentech Ltd., a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), is a prominent player in the Indian electric vehicle market, specializing in the manufacturing of electric buses. It is also India's largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks. Here is how Olectra can play a major part in developing the EV sector in India -
Public Transport is the backbone of any economy, and Olectra holds a market share of 28% in the Indian E-bus Retail market. The company sold 563 e-buses and 17 e-tippers in 2022-23 as against 259 e-buses sold in the previous year registering a growth of 123.94%.
Niti Aayog has directed CESL to solicit bids for the purchase of more than 50,000 electric buses in the upcoming years. The company has bagged some of the biggest orders despite competition from Indian giants like Tata Motors, Mahindra etc. including - a) 550 electric buses from Telangana State Road Transport Corporation (TSRTC) b) 2,100 electric buses from Brihanmumbai Electric Supply and Transport Undertaking (BEST) c) 5,150 electric buses from Maharashtra State Road Transport Corporation (MSRTC).
The Company through its extensive R&D efforts was able to bring to the market yet another innovative technology in electric vehicles – ‘Electric Tipper’. They have supplied 17 tippers in FY 22-23. There is a huge demand for electric tippers (trucks) from infrastructure and construction companies because of their durability.
The Company has already awarded a contract to MEIL for the construction of the new production facility at the 150 Acres of Land acquired from TSIIC for setting up of New Greenfield EV Manufacturing Facility with an initial capacity of 5000 vehicles per year and extendable to 10,000 vehicles per year.
In collaboration with BYD (Build Your Design) China, they are now diversifying their product portfolio within the e-mobility sector to include 3-wheeler electric autos and electric truck tippers. The venture aimed to manufacture up to 15,000 electric cars a year, with MEIL providing the funding and BYD Motors offering the technology and know-how.
The technical partnership between Olectra and Reliance on the Hydrogen Bus project will open the Indian market to a cutting-edge transportation system. The system consists of Type-4 hydrogen cylinders installed on the top of the bus. A single hydrogen fill allows the bus to travel up to 400 km. Hydrogen fill for this range coverage takes just about 15 minutes.
With a strong order book and robust financials, the company holds a major stake in revolutionizing the public transport system in India. With the growth of electric buses in major cities and competitors focusing on the 2-wheeler and 4-wheeler markets, Olectra can surely be the market leader in the E-bus segment.
