Tata Group firm Voltas is facing a major headwind in Qatar as around Rs 750 crore has been stuck due to delays in the realisation of overdue receivables and execution timelines, said its MD and CEO Pradeep Bakshi.
In some projects, bank guarantees were “unethically†encashed by some contractors, which was an “uncalled†action to make quick money, derailing the international project business of Tata Group firm in the December quarter, he added.
“Unprecedented things are happening in that area, especially in Qatar, wherein, unfortunately, our dues are not being paid to us timely, and inordinate delays are happening. We have completed the project and handed it over, and despite that, payments are not made,†Bakshi told PTI.
Voltas has already approached the Indian government for help on the issue and also approached the Embassy in Qatar.
MEP (mechanical, electrical, and plumbing) contractor Voltas has completed the projects in Qatar and handed them over as per the contract. However, its bills are not getting certified and paid.
“There has to be some basic ethics when you do business with your partners... Unfortunately, our payments are not coming.
