(Left to right): Mr. Kalyan Basu, MD & CEO, A.TReDS Ltd. and Shri Rakesh Kumar, CMD, NLCIL with their respective teams.
Major energy sector PSU goes live on InvoicemartTReDS platform
Chennai, November, 2018: Invoicemart, India’s leading digital invoice discounting marketplace has successfully on boarded NLC India Limited (formerly Neyveli Lignite Corporation Ltd.). NLCIL is a Navratna Government of India enterprise, under the administrative control of Ministry of Coal. The PSU has a major share of lignite production and some share of thermal power generation in the country.
Onboarding of the PSU on the TReDS platform will allow over 2000 MSMEs to tap into the TReDS platform Invoicemart and ensure their invoices are paid within 48 hrs. of getting uploaded and approved.
The Government of India is taking various initiatives to resolve the cash flow challenges faced by MSMEs and has mandated all companies with a turnover of more than INR 500 crores to be brought on the TReDS platform. NLCIL becomes 63rd large corporate that joinsInvoicemart as a large corporate buyer.
Shri Rakesh Kumar, CMD, NLCIL said, “For over 62 years NLCIL has been contributing its share in meeting the country’s energy requirements while ensuring sustainable development of its various stakeholders. NLCIL has a vision to emerge as a leading Mining and Power Company with social responsiveness accelerating National growth. It is important that we develop the MSME Vendors of the country as they not only provide us with cost effective products but also generate employment in the process. Invoicemart will be our partner in helping our MSME vendors to effectively manage their working capital.”
The functional directors of NLCIL Shri V. Thangapandian, Director/Power, Shri R. Vikraman Director/HR and Shri N. N. M. Rao Director/Planning & Projects also participated in the meeting. On this occasion, Director/P&P has stated, NLCIL is progressing with an ambitious growth plan towards achieving three times of the mining capacity and five times of the power generation capacity by 2025 with diversification into renewable energy sector. It is considered that MSME vendors play an important role in the success of any business enterprises.
Speaking on this occasion, Mr. KalyanBasu, MD & CEO, A. TReDS Ltd said,“We are privileged to have NLCIL, a NavratnaPSU as a buyer on our platform. NLCIL has a large base of MSMEs empanelled with it and we look forward to supporting them in effectively managing their working capital requirements. At Invoicemart, we draw on the extensive experience of our parentage to address the financial challenges faced by MSMEs and support their growth ambitions.”
Mr. Basu added, “Our platform is growing exponentially, with the addition of NLCIL, the number of participants have crossed 1100 and we have discounted close to one lakh invoices worth more than INR 1500 crores. This has been possible with our team which has an in depth knowledge of the supply chain finance, corporate and SME banking. We plan to further enhance the existing platform to make it more comprehensive in its service offering and ease the process of payments.”