Olectra Greentech Denies Direct Penalty in PMPML Bus Dispute

Olectra Greentech Limited, a leading electric bus maker in India, has clarified that it has not been fined in its direct work with Pune Mahanagar Parivahan Mahamandal Limited (PMPML). The company made this statement after news reports claimed that it was linked to a ₹55 crore penalty.

The Confusion

Some reports suggested that Olectra itself had to pay penalties. This worried many investors and bus industry watchers. But Olectra has now made it clear that the penalty is not on the company itself.

Who Got the Penalties?

The actual penalties were given to two other companies that also work with PMPML:

• EVEY Trans Private Limited – fined ₹40.39 crore
• OHA Commute Private Limited – fined ₹15.43 crore

These companies together had contracts to supply and run about 500 buses for PMPML. The penalties were linked to late delivery or non-delivery of buses. Olectra only supplied the buses as per the order, but the contracts and operations were managed by EVEY and OHA.

What Happens Next?

Both EVEY and OHA have gone to the Bombay High Court to challenge the penalties. The cases are now in arbitration, while PMPML has also filed review petitions. The matter is still going on in court.

Olectra’s Position

Olectra says it directly runs 150 buses with PMPML under separate contracts. These operations have no penalties at all. The company explained this under SEBI’s disclosure rules to make sure investors do not get the wrong idea.

About Olectra Greentech

Olectra Greentech is based in Hyderabad and is one of the biggest names in India’s electric bus market. The company makes and supplies buses to many state transport bodies across the country. It is listed on both BSE (code: 532439) and NSE (symbol: OLECTRA).

Conclusion

Olectra has made it clear that it is not directly facing any penalties in the PMPML case. The penalties are limited to its partner companies, and this issue is currently pending in court. Olectra’s own arrangement with PMPML continues to move along smoothly, and this reflects that the company is still a viable player in the electric bus market in India.

For more articles and news, stay updated with 91trucks. Subscribe to our YouTube channel and follow us on Facebook, Instagram, and LinkedIn for the latest videos and updates from the automotive world!