Chartered Speed bags 7-year contract for 200 buses from Surat Municipal Corporation

Ahmedabad: Chartered Speed Pvt. Ltd. (CSPL) has bagged a seven year contract from Surat Municipal Corporation to operate, maintain and build bus bodies in Surat, marking its maiden entry into the city.

The specialized Ahmedabad based intra-city passenger transport provider came in as the lowest bidder for the 200-bus deal with an order book value of Rs.50 crore each year. The project execution will commence October 2016 onwards.

“The tender was floated by Surat Municipal Corporation for city bus services for 7 years. The win adds to our achievements. We started off the new financial year on a very positive note with the turnover at Rs.200 crore as of March 2016. An expansion into Surat is in tune with our objective to offer our bouquet of services to more people pan India. We hope to clock healthy revenue numbers this year too,” said Pankaj Gandhi, Managing Director, Chartered Speed Pvt. Ltd.

Mr. Gandhi further continued, “The addition of 200 buses according to the terms of the current contract has raised Chartered Speed’s fleet size to 900 vehicles from 700 currently. This also translates into a 30% growth in fleet size right in the beginning of the year as well.”

Surat is a vantage location and will help the company to tap nearby cities such as Mumbai, Pune and Nasik for inter-city passenger travel services.

Typically, an order for 200 buses will require a dedicated staff of around 500 people to be developed. This will further help in expansion of other cutting-edge services of Chartered Speed like inter-city luxury bus services.

Chartered Speed Pvt Ltd., set up in 2010, has already earned the distinction of being India’s leading and fastest growing private/ passenger transport service provider. Its operations spread across Gujarat, Madhya Pradesh, Rajasthan and Maharashtra. With year-on-year CAGR of around 56%, success has been achieved with stellar double-digit revenue numbers.

CSPL service offerings include intra-city passenger transport through BRT in Indore and Ahmedabad. It is also the passenger service transport provider for Ahmedabad Municipal Corporation (AMTS). It has partnered with the Gujarat government for the ‘Janmarg’ project for public transit services and is the BRT operator since inception of its services in Ahmedabad. Beginning 2012, Chartered Speed is the bus provider for Ahmedabad Municipal Transport Services (AMTS) also.

DeshGujarat