REC Loan Disbursements Hit Rs 1 Lakh Crore - First Time in a Year
Dec 01, 2023 15:58
REC, a state-owned finance firm, has surpassed Rs 1 lakh crore in loan disbursements for the first time in a year, exceeding last year's figure of Rs 46,075 crore. The company provides financing for power infrastructure and other sectors like roads and expressways.
New Delhi, Dec 1 (PTI) State-owned non-banking finance firm REC on Friday said that the company has crossed loan disbursement of Rs 1 lakh crore during April-November this fiscal against Rs 46,075 crore in the same period a year ago.
"For the first time, REC crossed disbursement of Rs 1,00,000 crore in a year. In the corresponding period of eight months of FY 2022-23 the disbursement was Rs 46,075 crore," a regulatory filing stated.
The REC, earlier known as Rural Electrification Corporation, is a Maharatna CPSE established in 1969, under the Ministry of Power. The company provides long-term loans and other finance products for power infrastructure sector.
More recently REC diversified into the non-power Infrastructure sector comprising of roads & expressways, metro rail, airports, IT communication, social & commercial infrastructure, ports and electro-mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.
The loan book of REC exceeds Rs 4,74,275 crore, a statement issued by the company on November 23, 2023, stated.
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