Olectra Greentech, BYD hold talks for EV venture in India

Olectra Greentech and its Chinese technical partner BYD are in discussions for a possible collaboration on the latter’s plan to venture into India’s electric passenger vehicles and vans segment.

It is to be noted that BYD is the world’s largest maker of electric vehicles, while Olectra Greentech is a Hyderabad-based company in India.

According to an ET report, Olectra Greentech has drawn up an investment plan of Rs 300 crore to set up a new manufacturing facility in the Telangana capital.

Quoting N Nagasatyam, executive director of Olectra Greentech Limited, a report in ET said the Olectra-BYD strategic tie-up has supplied 163 electric buses to various state transport undertakings (STUs) across the country under the government’s FAME-India (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India) scheme so far and has further orders for 85 buses.

Image Credit : etimg.etb2bimg.com

Research Desk

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