Rural Electrical Corporation (REC) today said it has already sanctioned financial assistance of Rs 57,000 crore to various utilities in the power sector in the ongoing fiscal.
"Further, REC from time to time is sanctioning financial assistance to state sector utilities as well as to the private sector utilities for generation, transmission, distribution and other related projects," it said in a filing to BSE.
The main business of REC is to finance power projects of state power utilities and private power utilities.
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The company further said that signing of the pact by REC with Telangana State Power Generation Corporation (TSGENCO) was in normal course of its business for extending financial assistance during the 12th five year plan (2012-2017) and in accordance with the company's guidelines.
REC would fund TSGENCO power projects of 6,280 MW capacity to the tune of Rs 24,000 crore, a government release had earlier said.
These projects are 800 MW at KTPS, 1,080 MW at Bhadradri in Manugur of Khammam District and 4,400 MW at Damaracherla in Nalgonda District, it had said.
REC provides financial assistance for rural electrification as well as all types of power generation, transmission and distribution projects.
