REC Limited, previously known as Rural Electrification Corporation, a state-owned non-banking finance firm under the Ministry of Power, has marked a significant achievement in its loan disbursements for the current fiscal year. For the first time in the company’s history, REC has surpassed the milestone of Rs 1 lakh crore in loan disbursements during the April-November period of this fiscal year. This is a substantial increase compared to the Rs 46,075 crore disbursed in the same eight-month period in the previous fiscal year (2022-23).
REC Limited, established in 1969, is recognized as a Maharatna Central Public Sector Enterprise (CPSE). The company’s primary focus has been on providing long-term loans and other financial products for the power infrastructure sector. However, in recent times, REC has expanded its operations to include financing in the non-power infrastructure sector. This diversification encompasses various projects like roads and expressways, metro rail, airports, IT communication, social and commercial infrastructure, ports, and electro-mechanical works related to other sectors such as steel and refineries.
As of November 23, 2023, REC’s loan book exceeded Rs 4,74,275 crore, highlighting the company’s robust financial position and its significant role in infrastructure financing in India. This achievement not only reflects the company’s growth and expansion but also indicates its increased capacity to support various infrastructure projects across the country.
This accomplishment by REC Limited is not only a testament to the company’s growth and robust financial health but also signals the expanding scope of infrastructure development in India. The substantial increase in loan disbursements, especially in a diverse range of sectors, suggests a broadening of the company’s operational horizons and a more significant contribution to national development projects.