Olectra Greentech Limited announced on Monday that its Chairman and Managing Director (CMD), K.V. Pradeep, has tendered his resignation from the board and executive roles with immediate effect.

The electric bus maker has not yet disclosed any succession plans or interim leadership arrangements. 

In a regulatory filing with both the BSE and NSE, the company said Pradeep has stepped down citing personal reasons. The effective date of his resignation will be communicated in due course, the company added. 

Pradeep’s departure marks a significant development for the Hyderabad-headquartered company, which is a subsidiary of MEIL Group and plays a pioneering role in electric bus manufacturing and deployment across India. 

Under his leadership, Olectra has scaled up its electric mobility footprint, securing state transport contracts and building strategic partnerships that support India’s broader decarbonisation and EV transition goals. 

The company’s statement read, “Mr. K.V. Pradeep, Chairman & Managing Director of the Company, has tendered his resignation... due to his personal reasons. The effective date of his resignation shall be informed in due course.” 

Pradeep’s resignation also comes close on the heels of a ₹10,000-crore order for electric buses that was allegedly cancelled by the Maharashtra government over missed deadlines for delivery, after Pratap Sarnik, Maharashtra’s transport minister, took to X to call out the company for failing to deliver even a single e-bus of the 1,000 electric buses it was slated to handover on May 22.

While Sarnik did not name the company directly, his post also read that officials have been directed to cancel the order, which was originally handed over to Olectra in July 2023, for the supply, operation and maintenance of 5,150 electric buses. However, the company later said in an exchange filing that it had received no such intimation from the Maharashtra State Road Transport Corporation.  

“I think this MSRTC order, we have a delivery timeline as per the agreement till May 2026. We are not expecting a notice from the MSRTC. Such kind of notices if we receive, obviously, properly in terms of the agreement, we will see the next course of action. I believe we are optimistic that this particular order is not going to get cancelled,” P. Hanuman Prasad, company secretary and compliance officer, Olectra Greentech, said in a post-earnings call. 

In FY25, the company reported a revenue from operations of about ₹1,801 crore—up 56.1% year-on-year—and a net profit of about ₹138.9 crore, jumping 80.8% year-on-year. In the fourth quarter, it reported a revenue from operations of ₹448.9 crore, up 55.4% year-on-year, and a net profit of ₹21 crore, up 53.2% year-on-year.