Jan 4 (Reuters) – Ashok Leyland’s (ASOK.NS) Switch Mobility, JBM Auto (JBMA.NS) and PMI Electro Mobility are the winners in a 30 billion Indian rupee ($362.40 million) tender run by state-run Convergence Energy Services Ltd (CESL), two sources mentioned.

Switch Mobility emerged because the lowest bidder to provide 2,600 electrical buses in three states, JBM Auto for 1,781 e-buses in three states, and PMI Electro quoted the bottom determine to provide 2,080 electrical buses in two states, the sources mentioned.

The corporations didn’t instantly reply to queries despatched by Reuters.

A senior CESL official, who didn’t wish to be named, mentioned the precise portions being awarded to the three corporations can be recognized by Friday.

CESL, which aggregates demand from states for electrical buses, issued the tender on Sept. 21 final yr because it sought to provide 6,465 e-buses for six states.

The tender was a part of India’s plans to deploy 50,000 e-buses in tranches over the subsequent four-to-five years at an estimated value of 1 trillion rupees ($12 billion).

The costs found within the newest tenders are 25%-30% larger for various classes than the final bids opened in April final yr.

“The prices are higher as the companies have factored in payment risks from state transport departments and also due to lack of subsidy from the government this time,” an trade official mentioned.

Tata Motors (TAMO.NS), which gained a significant chunk of the final contracts, didn’t take part within the newest bidding, citing issues over the poor monetary situation of state transport undertakings.

Reuters on Dec. 17 reported that Indian banks are reluctant to lend to e-bus makers for supplying state transport operators.

($1 = 82.8180 Indian rupees)

Reporting by Sarita Chaganti Singh, Editing by Louise Heavens and Barbara Lewis

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