REC inks pacts with Andhra Pradesh for Rs 60K cr funding

State-owned Rural Electrification Corporation Ltd has inked three pacts to extend financial assistance of around Rs 60,000 crore to Andhra Pradesh.
"Memorandum of Understanding (MoU) signed by REC for extending financial assistance to the tune of Rs 60,000 crore in the state of Andhra Pradesh," Rural Electrification Corp informed BSE today.
According to the statement, REC has signed three MoUs for extending financial assistance of around Rs 60,000 crore in the state for the next five years (till March 2022).
The financial assistance comprises Rs 40,000 crore to Andhra Pradesh Power Generation Corp, Rs 10,000 to Transmission Corporation of Andhra Pradesh and Rs 10,000 crore to AP DISCOMSs.

Apart from financial assistance, the power utilities have agreed on availing consultancy and management services from REC arms, REC Power Distribution Company and REC Transmission Projects Company, for various activities/projects for the next five years.