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  1. Garden Reach Shipbuilders and Engineers becomes first defence PSU to be TreDS activated; what it means

Garden Reach Shipbuilders and Engineers becomes first defence PSU to be TreDS activated; what it means

The Garden Reach Shipbuilders and Engineers Ltd today became the first Defence PSU to get itself activated on the TReDS (Trade Receivable Discounting System) platform with necessary IT integration, post completion of security checks and testing, a Defence spokesperson said here.

By: | Kolkata | Published: August 10, 2018 2:51 AM
Garden Reach Shipbuilders and Engineers, first defence PSU, TreDS activated, public sector units, defence news This platform enables discounting of invoices of MSME vendors against large buyers through auction mechanism. (IE)

The Garden Reach Shipbuilders and Engineers Ltd today became the first Defence PSU to get itself activated on the TReDS (Trade Receivable Discounting System) platform with necessary IT integration, post completion of security checks and testing, a Defence spokesperson said here. Rear admiral (retd) Vipin Kumar Saxena, chairman and managing director of GRSE Ltd inaugurated the TReDS system of payment mechanism to vendors under MSME category through TReDS platform. The on boarding of the defence public sector units (PSU) will benefit over 500 MSMEs, the spokesperson said.

“This Make In India initiative brings MSME sellers, corporate and other buyers including government departments, PSUs and financiers together onto a common platform, to facilitate discounting and settlement of invoices at the earliest,” the spokesperson said. With the implementation of TReDS, challenges faced by the micro, small and medium enterprises (MSME) on account of shortage of working capital for their regular business operations will be taken care of.

This platform enables discounting of invoices of MSME vendors against large buyers through auction mechanism ensuring prompt realization of trade receivables at competitive market rates and helps avoid the constraints in obtaining financing, the spokesperson said.

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