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Business deals

India's Megha Engineering bets on electric buses

Government promotes cleaner vehicles, but hurdles remain

BANGALORE -- India's ambition to get more electric vehicles on the road has been given a boost by investment from one of the country's biggest construction companies in electric bus maker Olectra Greentech, in a deal worth around $100 million.

Megha Engineering & Infrastructures, Ltd., or MEIL, took a controlling 50.1% stake in Olectra in August, according to documents filed with the Bombay Stock Exchange. The move reflects the infrastructure company's desire to cash in on several central and state government projects promoting the use of electric buses in public transportation.

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