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REC has been accorded a "Mini Ratna Grade-I" status and is one of the leading public financial institutions in the Indian power infrastructure. They are engaged in the financing and promotion of transmission, distribution and generation projects throughout India. Although their emphasis continues to be on the development of electrification of rural areas, their mandate has evolved in accordance with the development priorities of the GoI and permits them to finance all segments of the power sector throughout the country.
They provide funding to their clients and assist them in formulating and implementing various types of power project-related schemes. They service their clients through a network of seventeen project offices (Jammu, Shimla, Chandigarh, Jaipur, Lucknow, Patna, Vadodara, Kolkata, Guwahati, Shillong, Jabalpur, Mumbai, Hyderabad, Bhubaneswar, Bangalore, Chennai and Thiruvananthapuram) spread across India.
Participation in Government Programmes
Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY)
The RGGVY, has as its objectives the electrification of all villages and providing access to electricity to all rural households in the country, including the electrification of un-electrified, below poverty line households. REC has been appointed the nodal agency for implementation of the scheme and is responsible for complete oversight of the programme from conception to completion. (As on September 30, 2007, they have disbursed a total of Rs. 55,772 million to 25 states under RGGVY,)
Accelerated Power Development and Reforms Programme
The GoI provides funds to SEBs and SPUs under the programme in two components. The balance of the funding for the project must be arranged by the SEB and SPU in the form of internal or external financing or through other means. Since the launch of the scheme, REC has provided counterpart funding for 331 APDRP schemes. (As on September 30, 2007, tbey had total loan sanctions of Rs. 39,754 million and total loan disbursements of Rs. 6,113 million in counterpart loan funding under APDRP.)
Accelerated Generation and Supply Programme
The GOI launched the Accelerated Generation and Supply Programme, which provides interest subsidies for projects involving renovation, modernization and life-extension of coal, thermal and hydro power plants, completion of ongoing generation projects, construction of transmission links, system improvements and grants for various studies, subject to fulfillment of certain conditions. (As on September 30, 2007, REC had total loans outstanding under AG&SP of Rs. 13,379 million)
GoI Tariff-based Competitive Bidding Scheme
The GoI launched a scheme under the Electricity Act to invite private sector investments in major transmission projects pursuant to which private developers are proposed to become transmission service providers on a "build, own and operate" basis. The GoI has identified 14 transmission-
International Cooperation And Development
REC's International Cooperation and Development division coordinates with bilateral and multilateral agencies for projectbased funds and to forge partnerships with international agencies. This division currently has two active projects and also fosters their participation in the DRUM programme.( JBIC.- Japan Bank for International Cooperation & KfW - Kreditanstalt fur Wiederaufbau)
Central Institute For Rural Electrification
REC established the Central Institute for Rural Electrification at Hyderabad, a training institute established for the purpose of designing and conducting training programmes on various aspects of power transmission and distribution systems and non-conventional energy systems.
Strengths
Strategy
Key Concerns
Their business and their industry are dependent on the policies and support of the Government of India.
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