In Andhra Pradesh, Telugu Desam Party’s malicious political interest spoiling the investment environment with its unrealistic accusations. With the success of the first phase of the Polavaram reverse tendering process, the TDP leaders are now trying to defend the interests of their close associates and started criticising every action of the ruling party. With a stunning success of Polavaram revers tendering, TDP leaders started accusing without a reality check and far from the truth. In that process, their criticism reached the new heights on Megha Krishna Reddy and his companies. They came out once again with Quid pro quo allegation card. The allegations now go behind the Polavaram Project to electric bus purchases. In fact, no purchase process began in this regard.
The main allegation is that all the main works will be awarded to the Megha Engineering for less of Rs. 500 crores. Subsequently, this loss will be compensated in another way to the company by the government. TDP propaganda began with the baseless allegations are the state government to compensate for the loss in Polavaram Project, the state transport wing will buy electric buses from Megha Engineering’s subsidiary company, Olectra Greentech to the tune of Rs. 3280 crore in the phased manner in the next five years. In reality, it is completely different. The TDP leaders forgot that exactly a year back Mr Chandrababu Naidu inaugurated the same Olectra Greentech bus in Amaravati capital region and in Tirumala ghat roads. He and his ministers travelled in the bus along with the company officials and promised that with introducing Electric busses in the capital regions he will turn the city environmental friendly and pollution-free. Chandrababu forgot his promise and actions in the past. Now the same yellow batch alleging the opposition with quid pro quo benefits.
The Truth behind
Under the Fame-2 (Faster Adoption and Manufacturing (Hybrid) and Electric vehicles) policy, the Government of India will incentivise the purchase of 7090 Electric buses in the country with a plan outlay of Rs. 3545 crore plan. The centre has allocated 10,000 crores for electric mobility in the country. The States transport establishment has to buy electric buses, and the centre offered the incentive of Rs. 20,000 for Kilowatt. The centre will also bear subsidies based on the operating costs of state transport companies. Many states have announced the policy on electric vehicles as part of this.
The purchase of electric buses will be on the basis of global tenders. This process began in the tenure of Chandrababu. Now the Jagan has come up with the continuation of the same policy of Mr Chandrababu including buying electric buses from Megha Engineering’s subsidiary company.
How Rs. 1500 crores will become 20,000 crores?
The other baseless allegation is that the market capitalisation of Olectra Greentech will rise from Rs. 1500 crore to Rs. 20,000 crore in the next five years. So that, Megha Krishna Reddy will richer by Rs. 11,000 crores from a mere Rs. 1000 crore. This is a real laughingstock for the stock market experts. On Friday Olectra Greentech shares closed at Rs. 192.05. the current market capitalisation of the company is Rs. 1528.35 crores. Megha Holdings has the share of 44.47 per cent in the company as per National Stock Exchange data. So, the value of Megha holdings is Rs. 679.66 crores. To reach Rs. 20,000 crore market capitalisation Olectra Greentech share price must go up to at least Rs. 2520. Mr. Chandrababu Naidu established Heritage Foods in 1992 and came out with the IPO in 1994. When he is in power, he forced all the government establishment must purchase Heritage milk and other products. Even after these authoritative efforts and after 25 years of listing, Heritage Foods market capitalisation still Rs. 1754.54. Why. Can TDP leaders explain this?
China’s BYD is the world’s largest battery-making company. The Tesla, another leading battery-making company and the main competitor for the BYD. The Tesla batteries have failed many times and have exploded. So far, there have been no instances where BYD batteries have been blown or failed to work. The world’s richest man Warren Buffett backed BYD planning to invest more in India. The BYD plans to introduce electric vans in the country. This is the history of BYD. The technology partnership agreement was signed when it was as Goldstone Infra. The takeover process by Megha was in line with market regulator SEBI stipulations.
Olectra Electric Buses…
The Olectra Greentech buses are already operating in many states. First, it is demonstrated in Amravati only. It held the trial run for Tirumala Hill. The Olectra buses travelled to the highest point from Manali in Himachal Pradesh to Rohtang Pass and entered the Limca Book of Records. Besides this, it is operating for Ayyapa swami yatra in Kerala. Olectra Greentech electric buses are already running successfully in Delhi, Karnataka, Maharashtra and Telangana states. Last week, in Mumbai, BEST introduced nearly ten Olectra buses in city routes. In Pune, city services are running with higher capacity utilization. Olectra is operating 40 electric buses running from different parts of Hyderabad to the airport. Another interesting thing here is that Ashok Leyland has also recently launched the electric buses, but they are not able to reach higher altitudes. At present, Olectra buses are running successfully in many states in the country. Apart from these, all the states of the country, including Uttar Pradesh, Delhi, Tamil Nadu and Karnataka, are calling for tenders for electric buses to utilize the concessions that the centre is giving. As a part of FAME 2, Andhra Pradesh can also soon call for tenders for electric buses. These tenders will be awarded after careful consideration of standards, production capacity and technical aspects. By ignoring these facts, the TDP leaders accusing QuidProQuo by Jagan with vested interests.