State-run Rural Electrification Crop (REC) today said it has inked a pact with Tamil Nadu's power utiltiy TANGEDCO to provide a loan of Rs 10,453 crore for setting up 1,320 MW Udangudi Stage-I power project.
"The REC signed a loan agreement of Rs 10,453 crore with TANGEDCO for setting up of TANGEDCO's Udangudi Stage-I, 2x660 MW Coal based Supercritical Thermal Power Project in Tuticorin District of Tamil Nadu," an REC statement said.
The loan assistance from the REC will not only improve the power infrastructure of the state utilities but will also improve their financial and operational performance.
The loan agreement was signed in the presence of Electricity, Prohibition and Excise Minister of Tamil Nadu, P Thangamani and REC chairman and managing director P V Ramesh.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)