Transformers and Rectifiers (India) Limited received a November 4, 2025, World Bank notice regarding sanctions proceedings related to a Nigeria Electricity Transmission Project. The debarment stems from alleged irregularities in a past supply order. The company is contesting the matter and believes the findings are not conclusive and has acted in good faith. The debarment is limited to World Bank-funded projects and has no material impact.
World Bank Notice
Transformers and Rectifiers (India) Limited received a Notice of Uncontested Sanctions Proceedings dated November 4, 2025, from the World Bank concerning Sanctions Case No. 788, relating to the Nigeria Electricity Transmission Project (IDA Credit Nos. 6185-NG and 6186-NG). The company is taking steps to contest the matter.
Background and Company Response
The communication references a prior Notice of Sanctions Proceedings dated July 30, 2025, which the Company had not received. The company will submit a reply to the World Bank, seeking to review and address the allegations in detail. The company maintains that it has acted in good faith and in compliance with all applicable laws and contractual obligations.
Key Order Details
The debarment relates to a past supply order executed under a World Bank-funded project for Transmission Company of Nigeria Plc (TCN), Abuja. Key details include:
* A total order received in FY20 worth 24.74 Million Dollar for supplying 70 transformers to Nigeria.
* The order was executed in FY22, with 90% payment received under LC during FY22.
* During shipment, 3 transformers were damaged.
* An insurance claim was filed and paid in FY24 due to USD shortage in Nigeria.
* Replacement transformers were supplied by the end of FY25, and the remaining 10% payment was received during Q1FY26.
Impact and Company Stance
The company believes that the findings are not conclusive and don’t constitute proof of misconduct. The company will engage with the World Bank to resolve the situation. The debarment is limited to participation in World Bank-funded projects. The company currently has no ongoing or pending orders under such projects; therefore, this action has no material impact on its business operations, financial performance, or future outlook.
The company reaffirms its commitment to the highest standards of integrity, corporate governance, and regulatory compliance.
Source: BSE
