REC Ltd.

State-run Rural Electrification Corp (REC), a leading lender for the power sector would sanction loans worth Rs 54,600 crore during 2012-13 fiscal as the company mentioned the 2012-13 targets in the Memorandum of Understanding (MoU) signed with the Power Ministry for the next financial year.

The targets for sanction and disbursement of loans have been set at Rs 54,600 crore and Rs 27,300 crore, respectively, for 2012-13. These targets have shown an increase of 9.92% in case of disbursements and 9.2% in case of sanctions as compared to the financial year 2011-12.

The company will sanction loans to state electricity boards, power utilities, state governments and rural electric co-operatives.

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.