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MUMBAI: The Life Insurance Corporation of India (LIC) has agreed to extend a loan of Rs 2,000 crore to Rural Electrification Corporation Ltd (REC).

REC, which is a triple-A-rated company, has a massive programme of rural electrification, system improvement, capacity addition in power generation, and will utilise the loan for financing different power sector projects, said a press release.

The company intends to disburse more than Rs 8,000 crore during the fiscal 2004-05. It will also tap the capital market for priority sector bonds, for which there is a very encouraging response.

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