MoRTH Signs PARIVARTAN MoUs with Olectra, Montra Electric; OEM Coverage Crosses 95%

The Ministry of Road Transport and Highways (MoRTH) has signed Memorandums of Understanding (MoUs) with Olectra Greentech Ltd. and Montra Electric under the Government's PARIVARTAN scheme for the replacement of old trucks and buses in the Delhi-NCR region.

Montra Electric signed the agreements through its business units, IPLTECH Electric Pvt. Ltd. and TIVOLT Electric Vehicles Pvt. Ltd. Under the scheme, the participating OEMs will offer an 8% discount on the ex-showroom price of eligible trucks and buses. For electric vehicles, the discount will be capped at the level applicable to an equivalent internal combustion engine (ICE) vehicle based on gross vehicle weight (GVW).

In addition to the OEM discount, the Central Government will provide a 5% interest subvention and fixed monthly fuel vouchers for five years. Participating State Governments will offer up to 100% concession on motor vehicle tax for 10 years and waive registration fees for eligible beneficiaries.

With these latest additions, the number of participating OEMs has increased to 12, including Ashok Leyland, Switch Mobility, Tata Motors, Mahindra & Mahindra, SML Mahindra, Daimler India Commercial Vehicles (DICV), Eicher Trucks & Buses, Force Motors and Pinnacle Mobility Solutions. Together, these manufacturers account for more than 95% of India's truck and bus market, ensuring broad coverage for the implementation of the PARIVARTAN scheme.