Olectra Greentech Limited, a pioneer in India’s electric mobility sector, has announced the acquisition of an additional 1,79,37,400 equity shares in EVEY Trans (MAH) Private Limited, a Special Purpose Vehicle (SPV) formed specifically for executing a contract with Brihanmumbai Electric Supply and Transport (BEST). With this acquisition, Olectra’s total shareholding in the entity remains at 26%, maintaining its strategic minority stake while enabling continued control and operational support.

The total investment made for this acquisition amounts to ₹17.93 crore, executed in cash. This move is in continuation of Olectra’s July 2024 disclosure and reinforces the company’s long-term vision to solidify its role in the public transport EV ecosystem through well-aligned SPVs in collaboration with strategic partners.

EVEY Trans (MAH) Pvt Ltd, incorporated in March 2024, is into the business of owning, operating, and leasing electric vehicles, with a specific mandate to execute the ongoing project with BEST. The entity acts as a dedicated SPV under the contractual conditions laid out in the public sector tender process. As of March 31, 2025, the company has an authorized capital of ₹75 crore and a paid-up share capital of ₹69 crore. However, being in its early operational stage, it has reported no turnover and a net loss of ₹4.5 lakh, with a net worth of ₹7.98 crore.

This transaction qualifies as a related-party acquisition since the remaining 74% stake in EVEY Trans (MAH) Pvt Ltd is held by EVEY Trans Pvt Ltd, both of which are under the common control of MEIL Holdings Ltd. Nonetheless, the deal has been carried out at arm’s length, ensuring compliance and transparency in line with SEBI regulations.

Olectra’s decision to invest further in EVEY Trans (MAH) underscores its focused approach to scaling its EV footprint in India’s mass transport sector. As electric buses and fleet leasing gain traction across state and municipal bodies, the use of SPVs allows Olectra to participate in large-scale contracts while managing project-specific risk and capital allocation effectively.

This move also reflects Olectra’s ongoing commitment to public-private partnerships that support India’s clean mobility mission. With state and city transport bodies rapidly transitioning to electric fleets, especially in metro regions like Mumbai, the timely execution of such contracts via specialized SPVs is critical.

As the EV sector continues to evolve in India, Olectra’s collaborative strategy with entities like EVEY Trans is expected to play a pivotal role in delivering reliable, cost-effective, and sustainable urban mobility solutions. The company’s emphasis on operational efficiency, local manufacturing, and targeted investments positions it as a frontrunner in the electric public transport revolution.

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