From films to software—new players hop on to India's e-bus ride

India’s electric bus push is drawing an unlikely mix of bidders from films and software to solar, as wider eligibility rules open up a subsidised market once dominated by traditional busmakers and fleet operators.

New Delhi: What does a television film producer have to do with electric buses? Or, for that matter, a software firm or a solar power one? Quite a lot, it turns out, as India’s big electric-bus push draws a surprising mix of businesses into the race.

Bhopal-based Bansal Telefilms Pvt. Ltd, Jaipur-based Stockwell Solar Services Pvt. Ltd and Agra-based Inventive Software Solutions Pvt. Ltd are among the bidders for the latest government tender for over 3,600 electric buses under the PM E-Bus Sewa scheme, which closed on 22 September, according to a bidder list reviewed by Mint. These orders are likely to be awarded within a couple of months.

Their presence shows how the government-backed e-bus market is beginning to stretch well beyond traditional busmakers and fleet operators. Widened bidding rules have created room for infrastructure companies to enter the business by tying up with manufacturers or operators, opening opportunities to run buses at subsidized costs.

The bid rules were widened after manufacturers proved reluctant to take the onus to both make and run the buses, opening a consortium route for them, the operators and infrastructure firms to bid together. The wider participation has been seen since the government floated its largest tender, for 10,900 electric buses, in 2025.

A Mint review of tender documents found that firms from media, solar and software sectors are increasingly participating in government tenders floated for e-bus operations as well as for the development of allied infrastructure.

What's the trigger

Executives and experts suggest the development comes in the wake of the government widening bidding rules to allow infrastructure firms to participate and win tenders provided they tie up with bus manufacturers or operators, either as part of their bid or after they are awarded buses to run as part of the tender.

Under these tenders, bus manufacturers such as Tata Motors and Ashok Leyland do not directly participate, and instead rely on bus fleet operators to apply for the contracts. After an operator wins the contract, it has to sign agreements with state transport agencies who pay on a per kilometre basis for a duration of 10-12 years. These operators procure buses from manufacturers and tie up with companies who can help in developing the infrastructure required to operate these buses.

The new set of firms joining the electric bus gold rush can also procure buses from manufacturers directly and operate them on their own or sign a partnership agreement with an operator who will help them procure and manage the buses while they develop the infrastructure.

Bhopal-based Bansal Telefilms was incorporated in 2019 and is part of the Bansal group whose interests span across media, construction, education and healthcare, among others. As per its filings, the company is engaged in the production and distribution of television films.

In a resolution dated 6 April, the Bansal Telefilms' board passed a resolution to objects being pursued by the company, paving the way for its entry in the electric bus sector.

“To carry on the business of construction, development, transportation & mobility through vehicles (such as electric buses, normal buses and other modes of transport) and to undertake contract, sub-contract relating to allied infrastructures development such as… electric vehicle operations/maintenance infrastructure and electric vehicle charging stations, bus depot,” said a new object clause of the company as per the resolution, reviewed by Mint.

Jaipur-based Stockwell Solar was incorporated in 2017 and is involved in solar power and renewable-energy projects. Last month, the company announced it is entering the electric vehicle charging space and called for partners to help scale the business.

Agra-based Inventive Software Solutions, incorporated in 2006, operates in technology and software services, providing technology and infrastructure solutions to electricity and other utilities, including energy analytics, renewable energy and electric vehicle (EV)-charging infrastructure.

The participation of a new set of firms traditionally not involved in the automobile sector comes as the government trains focus on the electric bus sector with its ₹11,900-crore PM E-Drive scheme and the ₹20,000 crore PM-eBus Sewa scheme.

Under the PM E-Drive scheme, the government covers 20-35% of the upfront cost of manufacturing an e-bus, which is more than twice that as a diesel -powered one. The PM-eBus Sewa provides a ₹24 per km subsidy for urban e-bus fleets.

The development also comes in the wake of new age players such as Eka Mobility and PMI Electro Mobility dominating the electric bus tenders floated by Centre, with them bagging about two-thirds of the over 17,000 buses ordered by the government-run Convergence Energy Services Ltd (CESL) as part of the PM E-Drive scheme over the last one year.

“As India’s e-bus rollout gathers momentum, more businesses are finding opportunities to diversify into operations that are separate from manufacturing. Manufacturers have expertise in building e-buses, but operating them requires a very different set of skills and capabilities,” said Amit Bhatt, India managing director at International Council on Clean Transportation.

“That is what we are seeing here, with new entrants emerging in the e-bus operations space. If the returns are attractive enough, these businesses may also see an opportunity to pivot and diversify further into the broader new energy sector,” Bhatt added.

“While it is not clear how these firms want to fund their buses and who they will partner with, the pool of companies participating widening can be good if backed by capabilities," a senior executive at a busmaker said. "But this will also make pricing competition even more difficult to predict.”

While it is difficult to independently verify participation in the past tenders, a May 2026 procurement document released by government’s CESL showed that Bansal Telefilms was also one of the firms participating in the tender for 6,230 electric buses floated by the agency in January. The company has, however, not won any orders as yet.

There have been some no-shows from new entrants in the recent past.

“In recent Battery Energy Storage System (Bess) tenders, new players with no direct experience in the sector have also shown interest, similar to this case in e-buses. Some of these tender awards in Bess have also been cancelled for non-delivery of projects,” Shyamasis Das, who leads the electric mobility research vertical at the New Delhi-based think tank, the Centre for Social and Economic Progress (CSEP).

CESL confirmed to Mint about the participation of these firms. Bansal Telefilms, Stockwell Solar and Inventive Software Solutions, however, did not respond to requests for comments on their participation and the manufacturers or operators they are looking to partner with.

The ministry of heavy industries, which administers the PM E-Drive scheme, and that of housing and urban affairs, which administers the PM E-Bus Sewa scheme, also did not respond.

India saw 5,356 electric buses being sold in fiscal year 2026, a 37% jump from the previous fiscal, data from the government's Vahanregistration portal showed. These sales were propelled by the PM E-Drive and PM E-Bus Sewa schemes, which together support the rollouts of e-bus fleets in more than 100 major cities in India.

About the Authors

Ayaan Kartik is a Delhi-based journalist tracking the ever-growing world of automobiles and their components. With an experience of five years ranging from short-form news at Inshorts to longform journalism at Outlook Business magazine, he has dabbled into different storytelling formats. At Mint, he tries to regularly mix story styles, from longforms to crisp news stories. He has completed his graduation from Delhi University where he developed a liking for reading and writing about the world we live in today. Apart from automobiles, Ayaan likes to read up on geopolitics which has increasingly affected various sectors of the economy. Of all the promises journalism holds, he likes the fact that it allows a person to simply explain to readers about what is happening in the world. And what better sector than automobiles, which everyone since growing up has seen and felt connected to. Whether it is China's increasing grip on automobiles to growing affection for EVs in the country, Ayaan likes to connect his love for geopolitics and data to his stories as readers become more demanding on the types of stories they want.

Manas is a New Delhi-based journalist with Mint, where he covers the intersection of economic policy, industry, and emerging sectors shaping India’s growth. He writes on government regulation, manufacturing, and the clean energy transition, with particular depth in areas such as electric mobility, battery ecosystems, and rare-earth supply chains. He has written on India’s efforts to build domestic capacity in electric vehicles and energy storage, as well as the broader push to reduce import dependence and strengthen supply chain resilience. His reports are not limited to capturing the headline; they also aim to explain complex policy simply.<br><br>Manas has studied law in Pune, the city where he grew up, followed by a business journalism diploma from the Asian College of Journalism in Chennai. In his almost two years of being a correspondent for Mint, Manas has reported as major wars unfolded, a general election brought surprises for both the ruling party and the Opposition, and three Union Budget announcements where India has charted its economic course for the days to come.<br><br>On vacation, Manas plays bass guitar with his friends in Space & Co, their jam-rock band. He also likes cats, and occasions of late-night snacking.