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Olectra, Montra to provide discount for replacement of old trucks, buses

For electric vehicles, the discount shall be capped at the discount applicable to an Internal Combustion Engine (ICE) vehicle of the equivalent Gross Vehicle Weight (GVW) category.

P
Prabhakar Chaturvedi
Olectra, Montra to provide discount for replacement of old trucks, buses
Olectra, Montra to provide discount for replacement of old trucks, buses

New Delhi [India]: The Memorandum of Understanding (MoU) under the Government of India's scheme for replacement of old trucks and buses in the Delhi–NCR region (PARIVARTAN scheme) was signed yesterday between the Ministry of Road Transport and Highways (MoRTH) and the Olectra Greentech Limited.

Montra Electric through their business units IPLTECH Electric Private Limited and TIVOLT Electric Vehicles Private Limited also signed Memorandum of Understanding (MoU).

Under the agreement, the OEMs will provide an 8 per cent discount on the ex-showroom price of eligible trucks and buses purchased under the scheme.

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For electric vehicles, the discount shall be capped at the discount applicable to an Internal Combustion Engine (ICE) vehicle of the equivalent Gross Vehicle Weight (GVW) category.

In addition to the 8 per cent discount offered by participating OEMs, the Central Government will provide 5 per cent interest subvention and fixed monthly fuel vouchers for a period of five years.

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Participating State Governments will provide up to 100 per cent concession on motor vehicle tax for a period of ten years and waiver of registration fees for eligible beneficiaries under the scheme.

Earlier, nine other OEMs – Ashok Leyland, Switch Mobility, Tata Motors, Mahindra and Mahindra, SML Mahindra, Daimler India Commercial Vehicles (DICV), Eicher Trucks and Buses (business unit of VECV), Force Motors and Pinnacle Mobility Solutions have also signed the MoU with the Government for implementation of the scheme.

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Now, OEMs who have signed MoUs have a combined market share of more than 95% in trucks and buses, which provides significant coverage for implementation of the scheme.

Ends.

Tags:olectra greentechmontra electricoemsparivartan scheme

Frequently Asked Questions

What benefits will buyers get under the PARIVARTAN scheme?

Eligible buyers replacing old trucks and buses in the Delhi-NCR region will receive multiple financial benefits under the PARIVARTAN scheme: An 8% discount on the ex-showroom price from participating vehicle manufacturers (OEMs). A 5% interest subvention from the Central Government on eligible vehicle loans. Fixed monthly fuel vouchers for five years. Up to 100% concession on motor vehicle tax for 10 years and waiver of registration fees, subject to the participating state government's approval. For electric vehicles, the OEM discount will be capped at the discount applicable to an equivalent internal combustion engine (ICE) vehicle based on its Gross Vehicle Weight (GVW) category.

Which vehicle manufacturers are part of the PARIVARTAN scheme?

With the latest additions of Olectra Greentech Limited and Montra Electric (through IPLTECH Electric Private Limited and TIVOLT Electric Vehicles Private Limited), the scheme now covers OEMs accounting for more than 95% of India's truck and bus market. Other participating manufacturers include Ashok Leyland, Switch Mobility, Tata Motors, Mahindra & Mahindra, SML Mahindra, Daimler India Commercial Vehicles (DICV), Eicher Trucks and Buses, Force Motors, and Pinnacle Mobility Solutions. This broad participation is expected to make the scheme widely accessible to eligible vehicle owners

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