REC and PVUNL sign Rs.14000 Crore Loan Agreement
Rural Electrification Corporation Limited (REC) and Patratu Vidyut Utpadan Nigam Limited (PVUNL) signed a loan agreement for establishing 3x800 MW Patratu Super Thermal Power Project Phase-I in Jharkhand. The project cost of Rs. 18,668 crore is funded in debt: equity ratio of 75:25 and Rs. 14,000 Cr. (entire debt component of project) is sanctioned by REC as sole lender for the project.
PVUNL is a subsidiary of NTPC holding 74% stake in the Company and 26% of stake held by Jharkhand Bijli Vitran Nigam Limited (JBVNL), the Discom utility of Jharkhand state. The loan agreement was exchanged between Ajeet Agarwal, Director Finance, REC and Kulamani Biswal, Chairman , PVUNL. Dr. P V Ramesh, CMD, REC and Gurdeep Singh CMD, NTPC along with senior management of both the organisations were also present at the event.