REC inks two pacts with Jharkhand utilities for Rs 15K-crore loan

NEW DELHI: State-run Rural Electrification Corp today said it has inked two pacts with Jharkhand utilities for providing financial assistance of Rs 15,150 crore.

"On the occasion of 'Momentum Jharkhand - Global Investors Summit 2017', two MOUs of Rs 15,150 crore have been signed by REC with JBVNL (Rs 8,150 crore) and JUSNL (Rs 7,000 crore), in presence of Jharkhand Chief Minister Raghubar Das on February 17, 2017 at Khelgaon, Ranchi," REC said in statement.

REC is a Non-Banking Financial Company ( NBFC) that provides financial assistance to power entities in the government as well as the private sector in the areas of generation, transmission and distribution.