Rural Electrification Corporation (REC) is planning to mop up around Rs 37,000 crore in FY14, higher by 19.35% as compared with a borrowing of Rs 31,000 crore in the previous financial year. The company will raise the same with Indian as well as foreign fund raising. The overseas fund raising may be about Rs 5,000 crore.
The company will use the funds raised in financing and promotion of power generation, transmission and distribution, including renewable energy projects.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.
