Companies

REC sanctioned loans worth ₹1.11-lakh crore in 2019-20

Our Bureau New Delhi | Updated on September 28, 2020 Published on September 28, 2020

REC has disbursed Special Long-Term Transition Loans to Discoms under the Atmanirbhar Bharat package   -  REUTERS

REC Limited has sanctioned total loan assistance of ₹1,10,907.99 crore towards various power projects and schemes in 2019-20.

A company statement said that this included ₹55,811.89 crore sanctioned towards generation projects, ₹7,026.33 crore towards renewable energy projects, ₹41,604.77 crore towards Transmission and Distribution projects and ₹6,465.00 crore towards short-term, medium-term and other loans.

REC’s net profit stood at ₹4,886.16 crore and total comprehensive income was ₹4,336.37 crore.

Liquidity relief

“Under the ‘Aatmanirbhar Bharat’ package, REC has disbursed Special Long-Term Transition Loans to Power Distribution Companies (Discoms) for making payment to generators, as they were facing severe cash crunch owing to the pandemic. These loans provided much needed relief to the power sector by injecting liquidity,” the company statement issued after its 51st annual general meeting (AGM).

REC Ltd is a Navratna non-banking finance company focusing on power sector financing and development across India. It provides financial assistance to State electricity boards, State governments, Central/State power utilities, independent power producers, rural electric cooperatives and private sector utilities.

Its business activities also include financing projects in the power sector value chain; different types of projects including generation, transmission, distribution projects, and renewable energy projects.

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Published on September 28, 2020
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