| Olectra Greentech Limited was formerly incorporated as Goldstone Teleservices Limited on October 11, 2000. The Company name was changed from Goldstone Teleservices Limited to Goldstone Infratech Limited on September 28, 2007 and further changed from Goldstone Infratech Limited to Olectra Greentech Limited effective on July 6, 2018. The Company was established to takeover the telecom business of Goldstone Technologies as part of restructuring programme undertaken by the Goldstone Technologies Limited. The Company is primarily engaged in the manufacturing of Composite Polymer Insulators, Electric Buses and Electric Trucks.
Consequent to Amalgamation of M/s Newtech Stewing Telecom Limited, M/s Shree Shree Telecom Private Limited and M/s Sunplast O-Met Limited with the Company, through the Scheme of Amalgamation on 30th June, 2009. During year 2009-10, the Company allotted 57,432 Nos. of Equity Shares of Rs 4/- each amounting to Rs. 2,29,728/- to remaining shares holders of Sun Plast O Met Limited pursuant to Scheme of Amalgamation.
The Company has invested Rs 6.00 crore in TF Solar Power Pvt Limited towards Equity Share Capital and allotted 60,00,000 shares of Rs 10/- each on 14.04.2010. The company has acquired 10000 Shares of TF Solar Power Pvt Ltd from its Promoters on payment of 1,00,000/-.
During the year 2012-13,the Company had successfully developed and type tested the Cross Arm Insulators for FSC platforms as Import Substitution for the first time in India and further the company had also developed Horizontal Line Post Insulators and became the first company in the country to develop this and got approval of power utilities. Further the Company had successfully produced 765KV Insulators for Transmission Lines.
From the FY 2018, the company started manufacturing electrical buses.
In view of expanding business operations and to meet the capital requirements, the Company has raised funds by allotting 2,65,00,000 Equity Shares and 91,00,000 Convertible Warrants at Rs 175.30/- per share to M/s. MEIL Holdings Limited (MHL), on preferential basis. MHL has also acquired 1,00,00,000 (One Crore only) Equity Shares of the Company from Trinity Infraventures Limited, through share purchase agreement, entered between them.
On 30 March 2019 the Company has allotted 27,00,000 Equity Shares to M/s. Goldstone Power Private Ltd (belonging to the Promoter Group), pursuant to the conversion of warrants.
The Company incorporated another wholly owned subsidiary namely, Evey Trans Private Limited, on 20 September 2018. OHA Commute Private Limited, a wholly owned subsidiary of Evey Trans Private Limited, has also became the second layer subsidiary of the Company.
On 09 April, 2020 the Company has allotted 27,00,000 equity shares to M/s. Goldstone Power Private Limited (belonging to the Promoter Group), pursuant to the conversion of remaining 27,00,000 warrants.
Pursuant to resolution passed by the shareholders in their meeting held on 09th September, 2019 and post transfer of the entire equity shareholding (of Evey Trans Private Limited) to MEIL Holdings Limited, Evey Trans Private Limited and Oha Commute Private Limited ceased to be subsidiaries of the Company w.e.f. 13th January, 2020.
The Company has subscribed 26% stake in Evey Trans (SMC) Private Limited on 27th January, 2020.
As on 31 March 2021, Company has a subsidiary, a Joint Venture and a Associate Company namely TF Solar Private Limited, SSISPL-OGL-BYD Consortium and Evey Trans (SMC) Private Limited respectively.
The Company acquired 51% stake in the Evey Trans (GTC) Private Limited on 12th April, 2021.
The Company started the construction of The state of the Art Greenfield EV Manufacturing Facility' (Factory) on 150 Acres of Land situated at Seetharampur, Telangana in 2024. The Company has expanded its Business Segment by introducing the E-Tipper Division
and delivered total 51 E-Tippers during FY 2023-24. |