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The process for sale and transfer of the said special purpose vehicle (SPV) to the successful bidder(s) is expected to complete during the financial year 2023-2024.
The company said that the consideration for sale & transfer of SPVs is determined in accordance with the guidelines issued, from time to time, by the Ministry of Power, Government of India.
REC is a leading Infrastructure Finance Company in India and the principal products of REC are interest-bearing loans to State Electricity Boards, State Power utilities/State Power Departments and Private sector for all segments of Power infrastructure.
The company's consolidated net profit jumped 20.9% to Rs 2,968.05 crore in Q1 FY24 as compared with Rs 2,454.16 crore in Q1 FY23. Total income increased 16.7% year on year to Rs 11,091.77 crore in Q1 FY24.
The scrip rose 0.51% to Rs 244.35 on the BSE. The counter hit an all time high at Rs 247.05 in intraday today.
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