State-run REC Limited, one of India’s premier NBFCs, has sanctioned Rs. 2790 crore to Jammu Kashmir Power Corporation Limited (JKPCL). The two parties on Friday signed an agreement for the liquidity infusion scheme under the Aatmanirbhar Bharat Abhiyan for the Union Territory of Jammu and Kashmir. The agreement was signed between the Govt. of Jammu & Kashmir, JKPCL, REC and PFC in the presence of Principal Secretary Shri Rohit Kansal – PDD, Jammu & Kashmir. Shri Sanjeev Kumar Gupta – CMD, REC Limited and other senior officials from REC joined the meeting through video conferencing.
During these difficult times, financial assistance under the scheme will allow Discoms to fully discharge their dues to Gencos & Transcos for the electricity purchased and transmitted. On 13th May 2020, Government of India announced infusion of liquidity of Rs. 90,000 crores to discoms through PFC and REC as a part of the Aatmanirbhar Bharat Abhiyan. Under this intervention, REC and PFC is extending financial assistance at a concessional rate of interest. Till date, REC and PFC have sanctioned Rs. 1.08 lakh Crores and released nearly Rs. 30,000 Crores to Discoms under the scheme.
About REC Limited: REC Limited (formerly Rural Electrification Corporation Limited) is a Navratna NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; different type of projects includes Generation, Transmission, Distribution Projects, and Renewable Energy projects.