State run Energy Efficiency Services (EESL) on Wednesday said that Mahindra & Mahindra has matched the Tata Motor’s lowest bid price to supply 150 electric vehicles.
The stocks of Mahindra & Mahindra shot up by 2% as soon as the it grabbed the deal.
“Post the tender opening, Tata Motors had emerged as the lowest bidder and Mahindra as the second lowest bidder. Mahindra has agreed to match the lowest bidding pricing for phase I and has, therefore, qualified to supply 150 electric vehicles, as per the tender conditions,” State-run Energy Efficiency Services Limited (EESL) said in a statement.
Tata Motors earlier was supposed to supply the electric vehicles (EVs) in two phases– 500 e-cars in the first phase in November 2017 and the remaining 9,500 EVs in the second phase. But now, since M&M has qualified, it will supply 150 EVs in the first phase along with Tata, which will now supply 250 instead of 500. While he details on the remaining 100 in phase one will be revealed at a later date.
After the results, Tata emerged as the lowest bidder while M&M was the second-lowest bidder of electric cars.