|REC CMD Rajeev Sharma|
STATE-owned Rural Electrification Corporation (REC) is all set to finance power projects in India's youngest state. The power project financier will provide fund to the tune of Rs.20,000 crore. This was disclosed by REC chairman and managing director Rajeev Sharma during...his meeting with Telangana Chief Minister K. Chandrasekhar Rao.
During a meeting, Rajeev Sharma said REC would fund projects of Telangana Generation Corporation (GENCO), Transmission Corporation (TRANSCO) and distribution companies.
REC also agreed to fund all the power projects of GENCO, says a statement issued from the chief minister's office.
Rajeev Sharma assured to fund the projects of Telangana Genco, Transco and distribution companies. Chief Minister Rao thanked the REC chairman for extending the help
GENCO chairman and managing director D. Prabhakar Rao was also present during the discussion.
The chief minister, who is popularly known as KCR, also discussed the power scenario with both the officials.
The department of disinvestment (DoD) on September 1 had notified its plan to sell five percent stake in each of the state-owned companies REC and Power Finance Commission (PFC) which will roughly fetch Rs 3,050 crore at current market rates. The government plans to sell 4.93 crore shares of the 64.81 crore shares (65.64 percent) its owns in REC. The Centre will sell 6.6 crore shares of the total 96.09 crore shares (72.8 percent) in PFC, the DoD notified on its website.A Navratna PSU under the ministry of power, REC is a premier financial institution financing power projects in the field of generation, transmission and distribution. Over the years, the PSU has witnessed phenomenal growth. For the fiscal ending on March 31, 2014, REC achieved a record total income of Rs 17121 cr with a net profit of Rs 4683 crore. Employing a lean manpower structure, the PSU has evolved a performance-oriented work culture.