Rec Ltd News Today

The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services.

According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a No Objection Certificate (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.

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REC Ltd has secured green loan totaling JPY 60.536 billion (approximately Rs 3,200 crore) designated for funding qualified clean energy ventures. This financing option enjoys an 80% guarantee from the Italian export credit agency, SACE.

DIPAM declined the debt resolution plan for KSK Mahanadi Power project by PFC and REC. NCLT paused sale in June 2022. Interested companies were NTPC Ltd, Vedanta Ltd, Adani Power Ltd, Jindal Power Ltd.

REC sanctioned record Rs 3.59 lakh crore loans in 2023-24, focusing on renewable energy. Its loan book reached Rs 5.09 lakh crore by March 31, 2024, with a significant increase in loan disbursements.

​The week ahead is expected to be action-packed for Dalal Street investors despite being a truncated one, as all eyes will be on the launch of the ‘T+0 settlement cycle by exchanges.

Government-owned power sector financier, REC Ltd, has signed an agreement with the Rajasthan government to provide up to Rs 1.2 lakh crore over six years for power and infrastructure-related projects. REC will finance up to Rs 20,000 crore annually for a period of six years across power and non-power infrastructure sectors.

"Received a letter of intent (LoI) from REC Power Development and Consultancy Ltd— a wholly-owned subsidiary of REC Ltd — to acquire Jalpura Khurja Power Transmission Limited, a project special purpose vehicle (SPV). The estimated cost of the project is Rs 838 crore," Tata Power said.

"Received a letter of intent (LoI) from REC Power Development and Consultancy Ltd— a wholly-owned subsidiary of REC Ltd — to acquire Jalpura Khurja Power Transmission Limited, a project special purpose vehicle (SPV). The estimated cost of the project is Rs 838 crore," Tata Power said.