REC to provide Rs 13k cr financial aid to Mahagenco

State-run Rural Electrification Corp (REC) today said it has inked pact with Maharashtra utility Mahagenco to provide Rs 13,000 crore as financial assistance.

REC has entered into Memorandum of Understanding (MoU) with Maharashtra State Power Generation Company Ltd (Mahagenco) for extending financial assistance to the tune of Rs 13,000 crore and for providing required services, REC said in a BSE filing.

According to the statement, the MoU is non-binding in nature and the financial assistance is subject to appraisal of the proposals to be submitted by Mahagenco to REC and approval of competent authority.