REC extends financial assistance to Karnataka

Rural Electrification Corp (REC) has signed an agreement with power utilities in Karnataka for extending financial assistance of Rs 39,121 crore over the next five years. As per the MoU, Karnataka Power Corporation (KPCL) can avail a debt of Rs 27,121 crore for generation projects and other loans. BESCOM can avail a debt of Rs 12,000 crore for implementation of distribution projects for strengthening, augmentation, upgradation of distribution infrastructure, sub-transmission system, new distribution, under-ground cabling works and implementation rural electrification, system strengthening, smart grid, smart meters, etc.