PGCIL to award relief package to Transformers & Rectifiers
The Indian transformer manufacturer Transformers & Rectifiers has said it is due to recieve relief a relief package from Power Grid Corporation of India Ltd (PGCIL) worth over $9.2 million.
The relief package is on account of relaxed performance security norms from the state-woned Power Grid Corporation under the Atmanirbhar Bharat Package-3.
“PGCIL has issued guidelines for reduction of Performance Security from existing 10 per cent to three per cent under the existing contracts as well upcoming Contracts to be commenced by December 31, 2021, in line with the government of India guidelines under the Atmanirbhar Bharat Package-3 declared on 12th November 2020,” according to a BSE filing.
This will reduce the Bank Guarantee outstanding with the banks and further reduction in the contingent liability also.
The firm has become a leading manufacturer of transformers in the country, it added.
Source: Outlook India
Photo (for illustrative purposes): Sunset power lines / Mac 231 / Pixabay / Free for commercial use