Page 2 - Rec

REC logs highest annual profit of Rs 14K crore on lower stressed assets

The company's loan book has grown by 17 per cent to Rs 5.09 trillion as against Rs 4.35 trillion as on March 2023, which is also the highest ever

Q4FY24: Indian Oil, REC, Havells India among 56 firms to post results today

Q4 FY24 results: Adani Energy, Adani Total Gas, Central Bank of India, Indus Towers, Procter & Gamble Hygiene & Health Care, Castrol India to post financial results

REC gets 60.5 bn yen green loan from Italian export credit agency SACE

The arrangement between SACE and REC is a breakthrough and a first-of-its-kind collaboration between an Indian government entity and SACE

REC to extend Rs 1,869 cr loan for Kiru hydro project in Jammu & Kashmir

State-owned REC Ltd on Wednesday said it will provide a term loan of Rs 1,869 crore for 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu & Kashmir. The loan will be utilized for development, construction and operation of the project on River Chenab, a statement said. According to the statement, REC has signed an agreement with Chenab Valley Power Project Private Ltd (CVPPPL), under which REC will provide CVPPPL with a financial assistance of Rs 1,869.265 crore as term loan. The project envisages construction of a 135-metre high dam and an underground power house with 4 units of 156 MW each. CVPPPL is a joint venture between NHPC (51 per cent) and JKSPDC (49 per cent). The company was incorporated in 2011. REC finances the entire power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pumped storage projects, green hydrogen and green ammonia projects. REC is an NBFC ...

At Rs 3.55 trillion, REC clocks highest ever loan sanctions in FY24

The NBFC, which has widened its scope beyond pure play power sector, now lends to green energy, infrastructure, and new age energy transition projects as well

BS Manthan: India has long road ahead in green energy targets, say experts

Country's ambition of rapid economic growth must balance with its climate change commitments, they say at Business Standard summit

REC board approves overall borrowing of Rs 1.6 trillion for 2024-25

State-owned REC Ltd on Wednesday said its board has approved an overall borrowing limit of Rs 1,60,000 crore for 2024-25. The board in its meeting held on Wednesday approved a borrowing limit of Rs 1.6 lakh crore, including Rs 1,45,000 bonds and term loans, Rs 5000 crore of short-term loans and Rs 10,000 crore of commercial papers, REC said in a filing. Funds under the proposed borrowing programme for 2024-25 shall be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions, with the approval of Competent Authority, the filing stated. The Board has approved the amendment in 'Policy on Criteria for determining Materiality of Events or Information for disclosure to Stock Exchanges'. REC, a non-banking finance company, provides financing to power infrastructure projects in the country. It meets the funding requirements through borrowings.

REC board approves third interim dividend of Rs 4.5 per share for 2023-24

State-owned REC's board on Tuesday approved a third interim dividend of Rs 4.5 per share with face value of Rs 10 each for 2023-24. Earlier, the company has already announced two interim dividends, totalling Rs 6.5 per share for the current fiscal. A regulatory filing stated that the board, in its meeting held on Tuesday, approved the declaration of interim dividend at the rate of Rs 4.50 per equity share of Rs 10 each for the financial year 2023-24. The record date for the interim dividend is Thursday, March 28, 2024, and it will be paid on or before April 17, 2024, to those shareholders. The board also approved the sale and transfer of the entire shareholding of three wholly-owned subsidiaries, presently held by REC Power Development and Consultancy Ltd (RECPDCL), a wholly-owned subsidiary of REC to the successful bidders selected through a tariff-based competitive bidding process. The three subsidiaries are Kallam Transco (sold to Indigrid 2 Limited and Indigrid 1 Limited- ...

Corporate finance firm REC to issue multiple-tenor bonds, say bankers

India's REC plans to raise funds through two bonds, one maturing in three years and two months and the other in 10 years, three bankers said on Friday

RECPDCL hands over Pachora Power Transmission SPV to GR Infraprojects

State-owned REC on Thursday said its arm RECPDCL has handed over Pachora Power Transmission SPV to GR Infraprojects. The SPV was formed for the establishment of the Interstate Transmission Project for evacuation of power from renewable energy (RE) projects in Rajgarh (1,000 MW) SEZ in Madhya Pradesh-phase II through a tariff-based competitive bidding process, REC said in a statement. The special purpose vehicle (SPV) Pachora Power Transmission was handed over to the successful bidder GR Infraprojects in the presence of senior officials from RECPDCL. Additionally, representatives from the Central Transmission Utility of India Limited (CTUIL) and other key stakeholders attended the event, it said. RECPDCL, a wholly-owned subsidiary of REC Limited, has been acting as bid process coordinator (BPC) for tariff-based competitive bidding (TBCB) in transmission line projects and RE-bundling projects. Under the Ministry of Power, REC Limited is a non-banking finance company (NBFC), and ...

REC, Damodar Valley inks pacts worth Rs 588 cr to develop tubed coal mines

State-owned REC signed agreements to provide Rs 588 crore finance facilities to Damodar Valley Corporation for development of tubed coal mines in the Damodar Valley region. "REC Ltd has signed agreements worth Rs 588 crore with the Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region," a power ministry statement said. According to the statement, the agreements aim to strengthen the cooperation between REC and DVC for the development of tubed coal mines, and include a term loan agreement, an escrow agreement, and hypothecation deeds. The agreement was signed by Senior Chief Project Manager, REC Regional Office, Kolkata, Santosh Kumar Sahu, and Senior General Manager (Finance), DVC, Durgesh Maity. The agreements signed underscore the collaborative efforts of both organisations in promoting sustainable development and leveraging resources for the greater benefit of the community. REC and DVC remain steadfast in their dedicatio

REC Q3 profit up 13.5% at Rs 3,308 cr, income rises to Rs Rs 12,071 cr

State-owned REC Ltd on Tuesday posted about a 13.5 per cent rise in its consolidated net profit to Rs 3,308.42 crore for the December 2023 quarter, mainly on the back of higher revenues. Its consolidated net profit was Rs 2,915.33 crore in the quarter ended December 2022, a BSE filing showed. The total income rose to Rs 12,071.54 crore in the quarter from Rs 9,795.47 crore in the same period a year ago. The board, in its meeting on Tuesday, also approved the incorporation of a project-specific special purpose vehicle as a wholly-owned subsidiary of REC Power Development & Consultancy Limited (a wholly-owned subsidiary of REC Ltd) for the selection of a successful bidder as Transmission Service Provider (TSP) for Eastern Region Expansion Scheme- XXXIX project allocated by the Ministry of Power through tariff based competitive bidding process. Besides, it also approved the sale and transfer of the entire shareholding of six subsidiaries (power transmission projects), presently held

REC Limited issues first Japanese Yen green bonds worth JPY 61.1 billion

This is REC Limited's 11th venture into the international bond market and the first-ever Yen Bond issuance by an Indian public sector undertaking

REC to raise about Rs 3,500 crore via yen-denominated green bonds

State-owned REC Ltd on Friday announced it will raise 61.1 billion yens (about Rs 3,500 crore) through issuance of green bonds. The bonds will issued as part of REC's USD 10-billion global medium-term note programme, the company said in a regulatory filing. Giving the break-up of each note, the company said a five-year bond worth 31 billion yens will have a coupon rate of 1.67 per cent, a 27.4-billion yen paper with maturity in 5.25 years will have a coupon rate of 1.79 per cent, and another 2.7-billion yen bond having maturity period of 10 years will carry a coupon rate of 2.20 per cent. These bonds will be listed on Global Securities Market of India International Exchange (India INX) and NSE IFSC, the company said. REC said the net proceeds from these notes will be used to finance green projects in accordance with the REC's Green Finance Framework and the external commercial borrowing guidelines and directions of the Reserve Bank of lndia (RBI). REC, under the Ministry of Power,

Power sector financer REC likely to lead National Rooftop Solar scheme

Sources said REC will be made the nodal agency for the scheme to spread its reach across the country and plug the inefficiencies

REC to issue multiple-tenor bonds to raise up to 10 billion rupees

REC plans to raise up to Rs 1,000 cr ($120.43 million), including a greenshoe of Rs 500 crore billion, through bonds maturing in over three years

RECPDCL inks pact with Guj for smart metering projects worth Rs 2,094 crore

REC Power Development and Consultancy Ltd (RECPDCL), a wholly-owned subsidiary of REC, has inked an initial pact with the Gujarat government for implementing smart metering projects worth Rs 2,094.28 crore. The project is to be implemented in Paschim Gujarat Vij Company Ltd (PGVCL) under the first phase of the Revamped Distribution Sector Scheme (RDSS). PGVCL comes under Gujarat Urja Vikas Nigam Ltd (GUVNL). According to a statement, an Memorandum of Understanding (MoU) was signed by GUVNL MD Jai Prakash Shivahare and RECPDCL CEO Rajesh Kumar Gupta in the presence of Gujarat Chief Minister Bhupendra Patel. The MoU was signed ahead of the Vibrant Gujarat Summit 2024. The Gujarat government is set to facilitate RECPDCL in obtaining necessary permissions and clearances for their upcoming projects in the state. As per the statement, the MoU outlines a time-bound framework to streamline the establishment of RECPDCL's projects in Gujarat.

REC, Bank of Baroda sign MoU to finance power, infra and logistics projects

The collaboration aims to catalyse transformative projects that will positively impact communities and drive socio-economic progress

REC Ltd, RVNL sign Rs 35,000 crore MoU to finance infrastructure projects

REC will be financing diverse projects including logistics hubs, rail, road, port, and metro over the next 5 years

Sensex scales mount 70K, ends 103pts up; broader indices outrun, PSBs shine

Closing Bell on December 11, 2023: The BSE Sensex registered a new summit at 70,058, but eventually settled at 69,929 on Monday. Nifty gained 28 points at 20,997.