The record
Written from the 1 report below. Nothing here is unsourced.
- Convergence Energy Services Ltd has added Haryana's demand for 450 electric buses to its third PM E-bus Sewa tender, taking the total order size to 4,054 buses.
- The tender now allows a single entity to bid for up to 2,717 buses, raised from 2,400 earlier.
- Bidders can also count fresh equity raised in fiscal year 2026-27 towards their net worth requirements.
- The tender closing date has been deferred at least five times and is now set to close in 2026.
- The changes aim to help new-age manufacturers that lack the turnover of incumbents and rely on equity infusions to compete in India's electric bus push.
What to watch next
- Whether the third tender closes as scheduled in 2026 after repeated deferrals.
- The Union heavy industries ministry's planned scheme for cheaper financing of 50,000 e-buses and 50,000 e-trucks.
- Progress on around 2,600 e-buses from the first two PM E-bus Sewa tenders still awaiting contractual approvals.
Who said what2
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Shyamasis Das
2 quotes · 1 outlet
“The equity infusion makes sense because half of FY27 is already over, so fundraising during this period can be counted. The aggressive bidders are largely new-age manufacturers that lack the turnover of incumbents and therefore rely on equity infusions”
In the article
…fresh equity raised in 2026-27 towards their net worth, a significant change given that electric buses cost ₹1.2-1.3 crore—more than twice as much as diesel buses, according to industry stakeholders' estimates. “ The equity infusion makes sense because half of FY27 is already over, so fundraising during this period can be counted. The aggressive bidders are largely new-age manufacturers that lack the turnover of incumbents and therefore rely on equity infusions , said Shyamasis Das, who leads the electric mobility research vertical at the New Delhi-based think tank, the Centre for Social and Economic Progress (CSEP). CESL confirmed the changes in an email response to Mint,…
“Since this is the last tender under the scheme, it may be giving new-age manufacturers and operators a chance by ensuring turnover and net-worth requirements don’t become a barrier”
In the article
…about 98% of the buses have also been tendered. Buses under the scheme were tendered in three parts. The first tender closed in March 2024, the second in November 2024, and the third is set to close in 2026. " Since this is the last tender under the scheme, it may be giving new-age manufacturers and operators a chance by ensuring turnover and net-worth requirements don’t become a barrier ,” Das said. He added that key concerns before these “big ticket” e-bus tenders are ensuring that new-age manufacturers have the capacity to produce these buses within the tender timelines, while operators, who are part…
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Named India · Government of Haryana · Centre for Social and Economic Progress · Convergence Energy Services Ltd · Ministry of Heavy Industries · Ministry of Housing and Urban Affairs · Shyamasis Das
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