With the Centre’s push for electricity for all, power financing firm Rural Electrification Corporation (REC) sees major growth coming from renewable energy, transmission, distribution, smart grid and turnkey projects overseas through subsidiaries.
Aiming to retain its growth momentum for the current fiscal, P.V. Ramesh, CMD, Rural Electrification Corporation Ltd. (REC) assured that the company is witnessing robust growth in terms of profitability, sanction of projects and disbursement.
Rural Electrification Corp. (REC), a state-owned backer of India’s power sector, plans to lend billions of rupees to clean-energy projects and equipment makers this fiscal year as part of an expanded push into renewables that will also see it issue green bonds overseas.
Rural Electrification has never been more in focus with the Modi government having intensified efforts at ensuring Power for All by 2020. State-run financier REC wants to utilize this opportunity to expand growth areas into non-traditional business segments, Chairman and Managing Director P V Ramesh told ETEnergyWorld in an exclusive interview. Edited excerpts..