REC to financially support TN power utilities

By PTI Published on May 16, 2017 02:04 PM IST

New Delhi: State-run Rural Electrification Corp (REC) said that it will extend financial assistance of Rs 85,723 crore to Tamilnadu power utilities TANGEDCO and TANTRANSCO.

"REC has entered into Memorandums of Understanding (MoUs) with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) and Tamil Nadu Transmission Corporation Limited (TANTRANSCO) for extending financial assistance to the tune of Rs 85,723 crore," REC said in a BSE filing.

According to the statement, financial assistance will be up to Rs 60,063 crore to TANGEDCO and up to Rs 25,660 crore to TANTRANSCO. The MoUs are non-binding in nature and the financial assistance is subject to appraisal of the proposals to be submitted by the respective entities to the REC and approval of Competent Authority, it added.