Only one company out of eight participated in the ₹5,000 crore tender floated by the government-controlled Convergence Energy Services (CESL) to supply 4,675 electric buses. This was the third tender by the Centre. Tata Motors had not participated in the second tender also which was for the supply of 6,465 buses.
The Mumbai-based company had raised concerns over the lack of any payment security mechanism which is essentially a payment security fund that provides interest-free capital in case of default in payments. Since the payments are to be done by the state transport undertakings (STU) which themselves are in bad financial shape, participating companies expressed apprehensions about consistency in payments.
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