Mumbai, July 6 -- Transformers and Rectifiers (India) Limited has received Notifications of Awards from Power Grid Corporation of India Limited (PGCIL) for multiple contracts to manufacture transformers and undertake associated works. The company submitted the disclosure to BSE and the National Stock Exchange under Regulation 30 of the SEBI Listing Regulations. The submission cited security code 532928 and trading symbol TARIL, and the filings cite the award reference and confirm execution in accordance with the terms and conditions stipulated in the notifications.
The contracts are described as an Ultra Mega Order under the company classification, indicating a value at or above Rs 10 billion (bn) on conversion. The filing identifies the contracts as domestic orders and specifies a scheduled delivery period of 30 months. The scope covers manufacturing of transformers of various ratings together with all associated work. The order size places it in the highest project classification defined in the company's disclosure.
The disclosure states that the promoter group and group companies have no interest in the awarding entity and that the contracts do not constitute related party transactions. The company noted that the awards will be executed in the normal course of business and not fall within related party transactions. The document reiterates that the company is committed to delivering high quality products and services and has established itself as a leading manufacturer of transformers in the country over time.
Chief Financial Officer Mehul Shah authorised the filing and requested the exchanges to take the information on record, with the company providing the requisite filing reference in its submission. The company indicated that the orders will be executed as per the notifications of awards and the applicable regulatory framework. The original filing is available on the stock exchange portal at the provided link.
Published by HT Digital Content Services with permission from Construction World.