New Delhi: Commercial electric vehicle manufacturer Keto Motors Ltd has signed Memorandums of Understanding (MoUs) with three employee transportation companies for the deployment of up to 200 electric buses, including a firm order for 50 buses, the company said on Sunday.
The company has entered into MoUs with STS Wheels Pvt Ltd, Svida Mobility Pvt Ltd and Hybrid Fleet Management Pvt Ltd for the supply of its 9-metre electric buses.
Of the total potential orders, STS Wheels, which operates under the Sony Transport brand, has placed a firm order for 50 buses, while Svida Mobility and Hybrid Fleet Management have expressed interest in procuring between 50 and 100 buses each, subject to the signing of definitive vehicle supply agreements.
Keto Motors said the agreements mark a significant step in expanding its presence in the commercial electric mobility segment, particularly in the employee transportation market.
Under the agreement with STS Wheels, the company will immediately deliver one homologated electric bus for operational evaluation. The remaining 49 buses will be supplied in three phases according to a mutually agreed delivery schedule to be finalised under the definitive agreement.
The MoUs with Svida Mobility and Hybrid Fleet Management are non-binding expressions of intent, with the final order quantities and commercial terms to be determined after detailed negotiations and execution of definitive agreements.
The company said the partnerships are aimed at accelerating the adoption of electric buses in corporate mobility fleets, where operators require reliable and scalable transportation solutions.
Keto Motors disclosed the signing of the MoUs under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
If all the proposed transactions are converted into firm orders, the agreements could result in the deployment of up to 200 electric buses. However, at present, only the 50-bus order from STS Wheels is a confirmed commitment, while the remaining potential orders are subject to the execution of definitive agreements.