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BEST to expand fleet of electric buses in Mumbai

News: According to media sources, BEST (state transport corporation of Mumbai) is looking at expanding its fleet of electric buses in the city.  The expected order size is ~2,100 buses within which 1,400 would be of 12 metre in length. The  rest would be of 9 metre or 7 metre in length. BEST is expected to float orders of the same by January 2022.

Views: This is positive for electric bus manufactures with potential beneficiaries being Tata Motors and Ashok Leyland in our coverage universe. This will further drive electrification penetration domestically and is in tandem with the central government's target of 40% penetration in buses segment by 2030.

Impact: Positive