Rural Electrification Corporation (REC), the state-owned lender to power projects, is planning to raise around Rs 9,000 crore in 2009-10.
“Our target for the current year was Rs 20,000 crore. We have already raised Rs 11,000 crore from different sources,” said P Uma Shankar, chairman and managing director of the company. “The rest of the money will be raised from domestic sources and even through the external commercial borrowing (ECB) route if the markets improve,” he added.
REC had set a target of sanctioning projects worth over Rs 40,000 crore in the current financial year and the company has already sanctioned around Rs 30,000 crore. “We also have small loans from the German government-owned development bank KfW and the Japan Bank of International Cooperation (JBIC). We have two lines of credit of ¤70 million each from KfW and JBIC,” he said.
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