REC to provide Rs 2,167 cr loan for Maha projects

Power firm Rural Electrification Corporation (REC) would provide Rs 2,167 crore loan to four transmission projects in Maharashtra.

"REC...In its board meeting held on December 30, 2009, has approved the sanction of loan assistance for four transmission projects (for evacuation of power from new generation projects) for a total loan assistance of Rs 2,167 crore," the company said in a statement.

It further added that these sanctions are in line with the Memorandum of Understanding (MOU) executed on August 6, 2009, between REC and the Maharashtra State Electricity Transmission Company (MSETCL).

According to the MoU, financial assistance to the tune of Rs 4,000 crore would be accorded by the Navratna REC over a period of 3 years.

 

MSETCL has plans to establish a robust transmission network with transmission capacity of 30,000 to 35,000 Mw by 2012.