Goldstone Infratech Ltd, a public listed company, has announced it has changed its name to Olectra Greentech Ltd, reflecting its growing focus on the environment-friendly electric vehicle ecosystem.
This change is aimed at communicating its growing focus on environment-friendly transport options since its entry into the electric vehicle segment in 2016. The company (Goldstone) forayed into the EV segment in tie-up with BYD Auto Industry Co Ltd., the world’s largest electric vehicle company based in China.
Since then the company has achieved many milestones, including commercially operating the country’s first electric bus for passengers. The company’s electric buses currently ply commercially in Himachal Pradesh and Mumbai under the respective transport undertakings.
N. Naga Satyam, Executive Director, Olectra Greentech Ltd said, “We have been making rapid strides in public transportation in the last two years and were able to understand the needs of the industry as we delivered our cost-efficient and safe electric buses on time to customers. The new name is in line with our renewed focus.”
The company had recently emerged as the winner for supply of 290 electric buses to Bengaluru, Mumbai and Hyderabad. Cumulatively, this was the largest order for any electric bus manufacturer in the country.
Established in 2000, Olectra (Goldstone) is the largest domestic manufacturer of silicone rubber and composite insulators for power transmission and distribution networks.
Olectra-BYD’s buses were India’s first electric buses certified by the Automotive Research Association of India. The company’s electric bus manufacturing facilities are near Hyderabad.
BYD Auto Industry Company Ltd is the largest manufacturer in the world for pure electric vehicles, including electric buses. Its parent, BYD Company Ltd, a public listed company, is one of the top 500 Chinese enterprises specialised in IT, automobile, new energy and light rail.