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Garden Reach Shipbuilders & Engineers Ltd becomes first defence PSU to go live on TReDS platform

Garden Reach Shipbuilders & Engineers Ltd becomes first defence PSU to go live on TReDS platformGarden Reach Shipbuilders & Engineers Ltd (GRSE) has become the first defence public sector undertaking to go live on the Trade Receivables Electronic Discounting System (TReDS) platform, paving way for faster payments to its suppliers in the micro, small and medium enterprises (MSMEs) segment.

The platform enables discounting of invoices of MSME sellers against large buyers through an auction mechanism, helping prompt realisation of trade receivables at competitive market rates.

GRSE has used the platform A TReDS — built by Invoicemart, a joint venture between Axis Bank and mjunction. Invoicemart is one of the three entities to secure a license from Reserve Bank of India to run the online bill discounting market places.

The onboarding of the defence PSU will benefit over 500 MSMEs, .

“Being the first defence PSU to go live on TReDS Platform, in line with the government initiative to boost MSMEs contribution towards indigenous

manufacturing, is a significant initiative," GRSE chairman Vipin Kumar Saxena was quoted as saying in a statement issued by Invoicemart.

The platform hosts 15 financers including Allahabad Bank, Bank of Baroda, Union Bank of India and Vijaya Bank.

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