State-run Rural Electrification Corporation (REC) on Wednesday said it has signed a loan agreement for $250 million with State Bank of India's (SBI's) Hong Kong branch for lending to the infrastructure sector.
State-run Rural Electrification Corporation (REC) on Wednesday said it has signed a loan agreement for $250 million with State Bank of India's (SBI's) Hong Kong branch for lending to the infrastructure sector.
The funding for the same is to be done by an offshore branch of SBI, being the sole lender, it said.
REC chairman Rajeev Sharma exchanged the loan facility agreement with the officials of SBI, Hong Kong.
"The proceeds of the loan shall be utilised by REC towards on lending to the Infrastructure Power Sector," it added.
With this, REC during the financial year 2012-13 has fully utilised external commercial borrowings equivalent to $750 million, sanctioned by the Reserve Bank of India under the approval route.
REC is engaged in financing power projects mainly in rural India.
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