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Corporate News
08-Sep-09
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BGR Energy granted 'Trading House Status'
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By the Ministry of Commerce & Industry, Government of India
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BGR Energy Systems, the EPC Company for Power projects has been granted the 'Trading House Status by the Ministry of Commerce & Industry, Government of India.
Trading House status has been awarded based on the total export performance during the previous four years. BGR Energy has crossed the export mark of Rs 500 crore, a requisite for this recognition, by achieving export of a whopping Rs 750 crore over the past four years. Thus, BGR Energy becomes one of the very few companies in South-India to get this coveted status based on export performance. The companys current order book Rs 12,500 crore includes Rs 439 crore order for exports.
The Trading House Status offers BGR Energy several advantages like getting priority custom clearance for both exports and imports on self-declaration basis, exemption from compulsory negotiation of documents through bank, retention of 100 percent foreign exchange in Exchange Earners Foreign Currency (EEFC) account and exemption from bank guarantee obligations and facilitation assurance.
The company made this announcement after the trading hours today, 08 September 2009.
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