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Rural Electrification Corporation has informed the exchanges that it has entered into Memorandums of Understanding (MoUs) with Tamil Nadu Generation and Distribution Corporation (Tangedco) and Tamil Nadu Transmission Corporation (Tantransco) for financial assistance. The MOUs signed are to the tune of ₹85,723 crore — financial assistance of up to ₹60,063 crore to Tangedco and up to ₹25,660 crore to Tantransco. The MoUs are non-binding in nature and the financial assistance is subject to appraisal of the proposals to be submitted by the respective entities to RECL and approval of Competent Authority, the PSU major said in a disclosure to the exchanges. Shares of RECL closed at ₹219 on the NSE, a gain of 1.96 per cent over the previous day’s close.
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