Legal18 Dec 2025, 03:10 pm
Olectra Greentech Faces Rs 2.58 Crore Penalty from TGIIC for Delay in Greenfield EV Manufacturing Facility Construction
AI Summary
Olectra Greentech Limited has informed the exchange about receiving a demand notice from the Telangana Industrial Infrastructure Corporation Limited (TGIIC) imposing a penalty of Rs 2,57,87,484 (including GST) for the delay in the full completion of the ongoing construction of the Greenfield EV Manufacturing Facility at the Industrial Park, Seetharampur, Hyderabad, Telangana. The penalty is due for the period from 12th November, 2023 to 11th November, 2025. The Company has already partially commenced commercial operations at the new facility within the timelines stipulated in the Sale Agreement. Apart from the penalty amount, there is no material impact, quantifiable in monetary terms, to the extent possible.
Key Highlights
- Olectra Greentech Limited received a penalty notice from TGIIC for delay in completing the construction of the Greenfield EV Manufacturing Facility.
- The penalty amount is Rs 2,57,87,484 (including GST) for the period from 12th November, 2023 to 11th November, 2025.
- The Company has partially commenced commercial operations at the new facility within the timelines stipulated in the Sale Agreement.
- There is no material impact, quantifiable in monetary terms, due to the penalty.
- The penalty is in accordance with the sale agreement dated 11th November, 2021 between the Company and TGHC.