Interview Times 
Foreign Currency Term Loan Agreement for USD 100 Million REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, has signed with Export Import Bank of India (EXIM Bank). The borrowed funds will be utilised to repay existing debt and provide new loans to REC’s borrowers in the power, infrastructure, and logistics sectors for the purpose of importing necessary machinery and other capital assets. The money is part of REC’s 2023-24 Market Borrowing Programme, which aims to raise 1.20 trillion rupees.
EXIM Bank is providing REC with its first ever term loan.
The loan has a 5-year maturity and is pegged to the US dollar loan benchmark rate of SOFR (Secured Overnight Financing Rate).
On this occasion, REC Limited’s Chairman and Managing Director Shri Vivek Kumar Dewangan made the following statement: “We are delighted to partner with EXIM Bank of India to bridge the financing needs of power, infrastructure, and logistics sectors and sign the loan agreement for USD 100 Million.”
Across the whole country of India, REC Limited operates as a non-bank financial company (NBFC) dedicated to financing and developing the country’s power sector. REC Limited began its operations in 1969, making this year its 50th year in business. State electricity boards, state governments, central and state power utilities, independent power producers, rural electric cooperatives, and private sector utilities all get funding from this programme. Its primary function is to provide funding for power sector projects across the board, including those in the generation, transmission, distribution, and renewable energy subsectors. With REC’s help, every fourth light bulb in India is on. REC has lately branched out into the financing of the logistics and infrastructure industries.
