Rural Electrification Corporation

As revenue secretary, Malhotra took key decisions, including rationalisation of capital gains tax

The state-run financier plans to raise the money through 10-year, deep-discount bonds and the issue is likely to see strong investor demand, the sources said

'We are targeting a tenfold increase in our renewable energy portfolio to Rs 3 trillion by 2030'

Rural Electrification Corporation (REC) has signed a memorandum of understanding with Avaada Group to fund its energy transition projects worth Rs 20,000 crore. The MoU was signed between REC officials and Avaada Group Chairman Vineet Mittal at the sidelines of the ongoing G20 Clean Energy Ministerial meeting in Goa. Avaada is a leading company in India's renewable energy sector. Mittal said projects, spanning across various states, will be implemented over the next two years. The total projects are worth Rs 20,000 crore. This landmark collaboration with REC symbolises a monumental stride towards India's energy self-sufficiency, he noted. "It exemplifies our staunch commitment to nurturing a sustainable future and propelling India's green energy transition," he added. Mittal said there is a project in Bihar, another in Rajasthan, and also there are projects in Maharashtra, which would be implemented over the next two years. He said that in the coming five years, Avaada is primed

But cumulative dues remain at a high of Rs 1.13 trillion

Only transparent pricing and accounting will help the discoms recover their dues

Bad bank unlikely to take up any power assets in the first list

Under the scheme, govt-owned lenders PFC and REC extended special one time loan to discoms to clear their due to the power generating companies

Its planned incorporation into a larger development finance institution could present challenges for a company with a founding covenant that restricted its scale of operations

Stress in conventional power generation space and no new private investment in the sector see the two lenders gradually shift to newer areas

Initial public offerings experienced their third consecutive annual decline, totalling $2.5 billion in 2019, down 46.2 per cent from last year

Investors should gauge if they meet the promise on loan upgrades before taking new positions

The company's net profit was Rs 1,420.86 crore in the quarter ended June 30, 2016

REC board had, earlier this month, cleared the company's fund raising plans