Olectra Greentech Sanctions INR 300 Crores Advance Facility for Bus Procurement

Olectra Greentech Limited has issued a revised Irrevocable Undertaking with Indemnification obligation in favor of REC Limited, along with Evey Trans (MSR) Private Limited, which will act as a Special Purpose Vehicle for executing the contract with MSRTC. The company has sanctioned an advance facility of up to INR 300 Crores for bus procurement, subject to certain conditions. This financial commitment will help Olectra Greentech make payments to key vendors, hasten the procurement of key raw materials, increase production levels, and improve the working capital cycle, while minimizing timelines for executing pending customer orders.