Elgi Equipments Ltd on Thursday said its wholly owned subsidiary, Elgi Compressors USA Inc., has received a tariff refund of US$2.68 million (about ₹25.6 crore) from the U.S. Customs and Border Protection (CBP) following directives issued by the U.S. Supreme Court requiring the U.S. government to refund excess tariffs collected from importers.
“We wish to inform you that the Company’s wholly owned subsidiary, Elgi Compressors USA INC, has received a tariff refund from U.S. Customs and Border Protection (CBP) amounting to US$ 2.68 million, equivalent to approximately ₹ 25.6 crores,” Elgi Equipments said in its exchange filing.
In a regulatory filing, the air compressor manufacturer said the refund has been received by its U.S. subsidiary from the CBP and is a consequence of the Supreme Court’s directions to return excess tariff collections.
The company, however, did not disclose the period to which the excess tariffs relate or provide details on the specific imports that qualified for the refund.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
