Rural Electrification Corp ties up with IIFCL, Hudco to fund power projects
State-run Rural Electrification Corporation has entered into agreement with two other PSUs, IIFCL and Hudco, for lending funds to greenfield power projects of over 1,000 MW, proposed to be set up under public-private partnership.
By INDIATIMES NEWS NETWORK |
MUMBAI: State-run Rural Electrification Corporation has entered into agreement with two other PSUs, IIFCL and Hudco, for lending funds to greenfield power projects of over 1,000 MW, proposed to be set up under public-private partnership.
According to reports, the consortium would provide up to Rs 4,000 crore to each project. The report adds the Power Ministry has asked Rural Electrification Corporation and Power Finance Corporation to mobilise resources to ensure viable projects do not suffer for want of funds. The total fund requirement for the power sector has been assessed at around Rs 10,00,000 crore for the 11th Plan.
Rural Electrification Corporation has planned a 15,61,20,000-share initial public offer, through which it aims to raise Rs 14 billion to Rs 16 billion. The company operates under the administrative control of the ministry of power and is wholly-owned by the government. It services clients through a network of 17 project offices.
The state-run firm's schemes are primarily aimed at extending and improving the supply of electricity by providing adequate funds for transmission and distribution projects, especially in rural areas.
According to reports, the consortium would provide up to Rs 4,000 crore to each project. The report adds the Power Ministry has asked Rural Electrification Corporation and Power Finance Corporation to mobilise resources to ensure viable projects do not suffer for want of funds. The total fund requirement for the power sector has been assessed at around Rs 10,00,000 crore for the 11th Plan.
Rural Electrification Corporation has planned a 15,61,20,000-share initial public offer, through which it aims to raise Rs 14 billion to Rs 16 billion. The company operates under the administrative control of the ministry of power and is wholly-owned by the government. It services clients through a network of 17 project offices.
The state-run firm's schemes are primarily aimed at extending and improving the supply of electricity by providing adequate funds for transmission and distribution projects, especially in rural areas.
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