Olectra, Montra Electric sign MoU with Centre for Delhi-NCR vehicle replacement scheme
New Delhi, July 7 (TNT): The Ministry of Road Transport and Highways (MoRTH) has signed Memoranda of Understanding (MoUs) with Olectra Greentech Ltd. and Montra Electric for the implementation of the Centre’s PARIVARTAN scheme aimed at replacing old trucks and buses in the Delhi-NCR region.
Montra Electric signed the agreements through its business units, IPLTECH Electric Private Limited and TIVOLT Electric Vehicles Private Limited.
Under the MoUs, the participating original equipment manufacturers (OEMs) will offer an 8 per cent discount on the ex-showroom price of eligible trucks and buses purchased under the scheme, a release said here on Tuesday.
For electric vehicles, the discount will be capped at the level applicable to an equivalent internal combustion engine (ICE) vehicle in the same gross vehicle weight (GVW) category.
The Centre said beneficiaries under the scheme will also receive a 5 per cent interest subvention and fixed monthly fuel vouchers for five years.
Participating state governments will provide concessions of up to 100 per cent on motor vehicle tax for a period of 10 years and waive registration fees for eligible vehicles under the scheme.
The ministry said nine other OEMs—Ashok Leyland, Switch Mobility, Tata Motors, Mahindra & Mahindra, SML Mahindra, Daimler India Commercial Vehicles (DICV), Eicher Trucks and Buses (a business unit of VE Commercial Vehicles), Force Motors and Pinnacle Mobility Solutions—had earlier signed similar MoUs.
According to the ministry, OEMs that have joined the scheme now account for more than 95 per cent of the trucks and buses market, providing broad industry coverage for implementation of the vehicle replacement programme in the Delhi-NCR region.
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