Demand notice from TGIIC for about Rs 2.58 crore penalty for delayed EV facility construction
OLECTRA · price
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Olectra Greentech received a penalty demand notice of about Rs 2.58 crore including GST from Telangana Industrial Infrastructure Corporation (TGIIC) for delay in completing its Greenfield EV Manufacturing Facility in Hyderabad during 12 November 2023 to 11 November 2025. Payment is due within 7 days. The company acquired 150 acres of land under a sale agreement dated November 2021. The firm states it has already commenced partial commercial operations at the new facility and there is no material financial or operational impact beyond the penalty amount.
Immediate outgo of about Rs 2.58 crore is small relative to company size; company says no material operational hit, but penalty reflects delays in facility build-out.