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.
“The REC has registered 150 per cent growth in terms of sanction of projects, and we are hoping to retain the growth momentum. On the renewable front, we have witnessed six-fold growth in terms of sanctions, and 25 per cent surge in cash inflows. I can assure you that the REC is witnessing a robust growth in terms of profitability, sanctions, and disbursement,” Ramesh told ANI, on the sidelines of a press conference conducted to release REC’s first quarter results from the current fiscal. (Q1 of FY 2017-18)
Ramesh stressed that providing power at cheaper rates, along with the availability of affordable capital, remains the priority of the Centre as well as of the REC, being the nodal agency of the Centre.
In terms of financing, Ramesh highlighted that Rs. 60,000 crore has been approved, 90 per cent of which is to be raised through the domestic market, and the rest through the international market.
“The REC is known to raise capital from the cheapest and the most competitive source. Our investors have shown a great degree of confidence in our profitability, owing to which we have raised 450 million dollars worth of green bonds with a 10-year tenure in the international markets in London and Singapore stock exchanges,” he said. Read More…