Page 3 - Rec

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.

Stocks to Watch: Mazagon Dock, Tata Motors, REC, Blue Dart, Cipla, Lloyd

Stocks to Watch on December 11, 2023: REC has signed a 200-million-euro loan agreement with the German bank KfW to enhance the distribution infrastructure of discoms

REC loan disbursements cross Rs 1 lakh mark for the first time in a year

State-owned non-banking finance firm REC on Friday said that the company has crossed loan disbursement of Rs 1 lakh crore during April-November this fiscal against Rs 46,075 crore in the same period a year ago. "For the first time, REC crossed disbursement of Rs 1,00,000 crore in a year. In the corresponding period of eight months of FY 2022-23 the disbursement was Rs 46,075 crore," a regulatory filing stated. The REC, earlier known as Rural Electrification Corporation, is a Maharatna CPSE established in 1969, under the Ministry of Power. The company provides long-term loans and other finance products for power infrastructure sector. More recently REC diversified into the non-power Infrastructure sector comprising of roads & expressways, metro rail, airports, IT communication, social & commercial infrastructure, ports and electro-mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4,74,275 crore, a statement

REC inks pact with RailTel to finance KAVACH, other infra projects

REC Limited signed an agreement with RailTel on Thursday to fund KAVACH Train Collision Prevention System along with many other infrastructure projects in the field of telecom, IT and rail signalling. "These projects encompass a wide range of areas, including Data Centre products and services, Telecom & IT products and services, Railways & Metro projects, and the KAVACH Train Collision Prevention System," a statement from RailTel said, adding, that it will fund up to Rs 30,000 crore over the next five years. According to RailTel, the Memorandum of Understanding (MoU) also extends to the possibility of financing overseas ventures related to high-speed rail, metro, IT network, and the upgradation of railway network, as part of bilateral country discussions and infrastructure projects in Southeast Asia and Eastern Africa where RailTel is currently focusing. The MoU was signed by TSC Bosh, Executive Director (Infra & Logistics), REC and Jasmeet Singh Marwah, Company Secretary,

Consider investing in coal, provide financing to mines: Centre asks REC

The coal ministry has urged REC to consider investing in the coal sector and provide financing to mines which would assist in faster operationalisation of the same. REC is a state-owned non-banking finance firm. Speaking at a workshop on 'Customised Debt-Financing for Commercial Mining & MDOs' in the national capital, coal additional secretary M Nagaraju said the sector is becoming robust and responsible. He said the coal ministry is taking various measures to meet the demand of the dry fuel and has auctioned 91 coal mines for commercial use in the last four years. He said the financing of one coal mine has already been completed and funding for two others is at advanced stages of evaluation. Provisions have also been made in the agreements to protect the interests of the lenders. Coal Secretary Amrit Lal Meena asked non-banking financial companies to find appropriate solutions while working on the proposals regarding credit availability for commercial coal mines. Meena stressed

REC registers highest ever quarterly profit at Rs 3,773 crore in Q2FY24

The company also said its net worth has also grown by 18 per cent to Rs 63,117 crore

REC to finance 2 green hydrogen, thermal project worth Rs 40,000 crore

State-owned REC Ltd on Monday announced signing of initial pacts to finance two green hydrogen and a thermal power project in Odisha. REC has signed an MoU with Odisha Power Generation Corporation (OPGC) to finance Rs 9,538 crore for development of two units of a thermal power project in Jharsuguda, Odisha, the company said in a statement. The collaboration will contribute significantly to the state's power generation capacity and energy infrastructure, REC said. Under a partnership with Acme Group, REC will provide a funding of Rs 16,000 crore for a green hydrogen and ammonia facility proposed at Gopalpur in the state. It has also entered into an MoU with Avaada Group, pledging Rs 15,000 crore for a green hydrogen and ammonia facility at Gopalpur, REC said. The total worth of all MoUs is Rs 40,538 crore. "This initiative underscores the importance of sustainable and clean energy solutions for the future. We are committed to supporting energy transition initiatives in India. We a

REC partners with PNB to finance projects in logistics, power, infra

The two entities will jointly finance loans worth Rs 55,000 crore, REC said in a statement.

Serentica Renewables secures Rs 5,600 crore funding from REC, PFC

Serentica Renewables on Monday said it has raised Rs 5,600 crore funding from state-owned firms REC and PFC. It has raised Rs 3,000 crore debt funding from REC and Rs 2,600 crore debt funding from PFC, the company said in a statement. This transaction is in line with REC's expanding role in funding green projects and position itself as the focal agency for energy transition," Vivek Kumar Dewangan, Chairman & Managing Director, REC said. Pratik Agarwal, Director, Serentica said, "With the funding secured, we will be accelerating the development of our first phase of projects, which will bring clean energy to hard-to-abate energy intensive industrial consumers and help them move towards a net-zero future." Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 billion units (BUs) of clean energy annually, offsetting 8.5 million tonne of ...