India, May 31 -- Transport minister Pratap Sarnaik on Friday raised alarm over an estimated loss of Rs.3,191 crore to the Maharashtra State Road Transport Corporation (MSRTC) in taking 5,150 electric buses on lease from Evey Trans Pvt Ltd, a subsidiary of Olectra Geentech Ltd. The minister directed officials to prepare a proposal for viability gap funding, which will be sent to the state government.

"If the state government agrees to bear this loss, the bus supply contract can be fully implemented," said Sarnaik. "A meeting will be held soon with chief minister Devendra Fadnavis and deputy chief ministers Eknath Shinde and Ajit Pawar to finalise the issue."

According to the contract between MSRTC and Evey Trans, the company will supply ...