Transformers and Rectifiers (India) has informed about the announcement at Union Budget 2022-23 by Honourable Union Finance Minister Nirmala Sitharaman regarding Surety Bond instead of Bank Guarantees in Government Procurements. The Company being engaged into supplies of Transformers directly/ through EPC(s) to Central and State Utilities. Now, post implementation of the above budget declaration about issuance of Surety Bond, the Company will get benefit of reduction of overall debt in form of Bank Guarantees by minimum 25%. The company has expressed its gratitude to Government of India and IRDAI regarding initiating the process.
The above information is a part of company’s filings submitted to BSE.
