Maharashtra utilities are REC’s biggest borrowers, with Maharashtra State Power Distribution Company and Maharashtra State Electricity Distribution Company between them owing Rs 23, 441 crore, or 11.28 per cent of loan book, to the state-owned non-banking finance company.
REC has fairly spread its loan exposure to avoid concentration of risks to a few borrowers. Some 10 state-owned utilities account for nearly 37 per cent of total loan amount owed to the company as at the end of June. Moreover, no single borrower accounts for more than 7 per cent of REC’s loan book.
Given the company’s credit metrics -- it has 130 billion rupees ($2 billion) of cash on its books and a long-term rating that’s a notch above the government -- the issuance will be bought by investors drawn to one of the world’s fastest growth rates and Prime Minister Narendra Modi’s economic policies.
Bond bulls are drooling as ONGC plans to hit the debt market for the first time to raise as much as $5.2 billion to buy government’s stakes in HPCL and finance its projects.
Asserting that regional grouping under BIMSTEC enjoys the unique strengths of connecting South and South-East Asia, External Affairs Minister Sushma Swaraj today called upon its leaders to focus on priority areas of Counter-Terrorism and Transnational Crime; Transport & Communication;
Tourism; and Environment & Disaster Management.
The first six months of the current year saw more capacity addition in the solar sector than the whole year of 2016.
India has added 13,652 MW of solar generation capacity as at the end of July, with seven states including Andhra Pradesh, Gujarat and Karnataka crossing 1,000 MW mark, Union power minister Piyush Goyal told parliament on Thursday.
Jeff Immelt, 61, who had served as the Chairman and CEO of the manufacturing giant GE since 2001, handed over the chief executive role to another company veteran John Flannery, but will continue as the Chairman till the end of this year.
“We win in markets, not conference rooms,” the message said. “Winning requires doing and not talking,” Jeff Immelt said in a letter to employees last week, which he also shared on LinkedIn.