REC Limited, a Maharatna Central Public Sector Enterprise and NBFC under the Ministry of Power, has entered an agreement with Chenab Valley Power Project Private Limited (CVPPPL) to provide financial assistance of Rs 1,869.265 crores as a term loan. The loan will support the development, construction, and operation of the Kiru Hydro Electric Project, a 624 MW run-of-river scheme on the Chenab River in Jammu and Kashmir’s Kishtwar district. The agreement signing included representatives from both REC Limited and CVPPPL. CVPPPL is a joint venture between NHPC and JKSPDC, focusing on various hydroelectric projects in the region. REC Limited’s current loan book is at Rs 4.97 lakh crore with a net worth of Rs. 64,787 crore as of December 31, 2023.
