REC loan disbursements cross Rs one lakh mark for the first time in a year

New Delhi: State-owned non-banking finance firm REC on Friday said that the company has crossed loan disbursement of Rs 1 lakh crore during April-November this fiscal against Rs 46,075 crore in the same period a year ago.

"For the first time, REC crossed disbursement of Rs 1,00,000 crore in a year. In the corresponding period of eight months of FY 2022-23 the disbursement was Rs 46,075 crore," a regulatory filing stated.

The REC, earlier known as Rural Electrification Corporation, is a Maharatna CPSE established in 1969, under the Ministry of Power. The company provides long-term loans and other finance products for power infrastructure sector.

More recently REC diversified into the non-power Infrastructure sector comprising of roads & expressways, metro rail, airports, IT communication, social & commercial infrastructure, ports and electro-mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.

The loan book of REC exceeds Rs 4,74,275 crore, a statement issued by the company on November 23, 2023, stated.