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REC signs 200 million Euro loan agreement with German bank KfW

REC signs 200 million Euro loan agreement with German bank KfW

India Blooms News Service | @indiablooms | 09 Dec 2023, 08:59 pm

New Delhi: State-owned NBFC REC Limited signed a 200 million Euro loan agreement with the German bank KfW on Saturday to enhance the distribution infrastructure of DISCOMs in line with the Revamped Distribution Sector Scheme (RDSS) of the government.

REC Ltd is a Maharatna company focusing on Power Sector Financing and Development across India.

According to an official statement, this marks REC's sixth line of credit under the Indo-German Development Cooperation and demonstrates the corporation’s commitment.

REC is the nodal agency to implement the Revamped Distribution Sector Scheme (RDSS) to help DISCOMs improve their operational efficiencies and financial sustainability by providing result-linked financial assistance.

Executive Director (BDM, I&L) T.S.C. Bosh said “This announcement not only showcases REC's ability to secure strategic partnerships with international financial institutions but also underscores our integral role in driving positive change within the power distribution landscape in India.

"The collaboration with KfW is expected to have a transformative impact on the operational capabilities and financial resilience of DISCOMs, ultimately contributing to the broader goals of the RDSS scheme and the nation's power sector reforms," he said.

REC Limited works under the Ministry of Power and provides long-term loans and other finance products for the power infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies.

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