REC Signs USD 100 Million Loan Agreement With EXIM Bank

New Delhi: REC Limited, a Maharatna Central Public Sector Enterprise operating under the Ministry of Power, has recently entered into a Foreign Currency Term Loan Agreement worth USD 100 Million with the Export Import Bank of India (EXIM Bank).

The proceeds of the loan will be used towards refinance for on-lending to REC’s borrowers in power, infrastructure and logistics sectors for importing capital equipment. The funds will be raised as part of REC’s Market Borrowing Programme of Rs. 1.20 lakh crore for the year 2023-24.

This is REC’s first term loan, extended by EXIM Bank. The loan has a tenor of 5 years and is tied to the benchmark rate for USD-denominated loans, which is SOFR (Secured Overnight Financing Rate).

Commenting on the occasion, Chairman and Managing Director, REC Limited, Shri Vivek Kumar Dewangan said, ‘We are delighted to partner with EXIM Bank of India to bridge the financing needs of power, infrastructure and logistics sectors and sign the loan agreement for USD 100 Million.’

REC Limited, a non-banking financial company (NBFC), specializes in financing and promoting the development of power projects throughout India. With a rich history dating back to its establishment in 1969, REC Limited has successfully operated for over fifty years. The organization extends financial assistance to various entities including state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives, and private sector utilities.

REC is involved in financing projects across the entire power sector value chain, including Generation, Transmission, Distribution, and Renewable Energy. The funding provided by REC illuminates every fourth bulb in India, showcasing its significant impact. Furthermore, REC has recently expanded its financing activities into the infrastructure and logistics sectors, demonstrating its commitment to support diverse industries.

Latest news

Digital Transformation Conclave 2.0 Concluded Successfully in Telangana

Telangana, June 14, 2024 ilouge Media & GovConnect, in collaboration with the Information Technology, Electronics & Communications (ITE&C) Department of...

Digital Transformation Conclave 2.0: Telangana Leads the Way in Digital Transformation and Sustainability

The Digital Transformation Conclave 2.0, the most-awaited event is being organized by ilouge Media in collaboration with the Information...

GAIL Announces Rs 60,000 Crore Ethane Cracker Project in Madhya Pradesh

GAIL, India's leading gas supplier, has unveiled plans for a monumental 1500 KTA ethane cracker project in Ashta, Sehore...

Tata Motors to Invest up to Rs 18,000 Crore in Electric Vehicle Division by FY30

Tata Motors, India’s third-largest carmaker by sales, announced its ambitious plans to invest between Rs 16,000 crore and Rs...
spot_img

You might also likeRELATED
Recommended to you

spot_img