Recently there are charges that Megha Engineering company is absorbing the central government’s subsidy for electric buses. In fact, there are a total of 10,460 buses in the Telangana RTC. Out of them, it is only 8,320 of RTC’s own buses. The remaining 2140 buses are running on a lease basis. Of this, only 40 electric buses are run by OlectraGreentech, a subsidiary company of Megha Engineering. Of the total RTC buses, the Olectra buses share is only 0.48 per cent. Is it possible that, with these minimal number of buses, can Olectra earn crores of rupees profit? Interestingly, Olectra is running electric buses to the airport for the last 7 months only.
RTC has been incurring losses every year for the past many years. Is it convincing that Olectra, which is operating only 40 buses on a wet lease, is the main reason for these losses?
It is not true that; The losses are because of leased buses. For the past three decades, RTC has been running buses on the lease basis and every year incurring a loss Rs. 1200 crore every year on average. The main reasons for these losses are increasing fuel costs, no subsidy for fuel and a Rs. 5 crore debt burden is the main reason for RTC losses.
The latest allegations now are, the 40 busespurchased from Megha Engineering subsidiary company Olectra Greentech is the main reason for RTC loses. The fact is that RTC did not purchase the electric buses. These electric buses are running on a gross cost contract basis, which prescribed the government of India regulations. The government of India is giving only Rs. 20 crores as an incentive for these buses. that too Rs. 50 lakh per bus. As RTC cannot purchase, it is decided the electric buses run on a wet least basis.
In this background, how Megha Engineering swallowed Rs. 3500 crore is known to only those who alleging.