MUMBAI: The Maharana public sector non-bank lender REC has signed an agreement with the Jawaharlal Nehru Port Authority (JNPA) to finance up to Rs 45,000 crore for the country’s largest container port’s various upcoming projects, which include the development of the nearby Vadhavan Port.
The port handles a little over 50% of the containerised cargo volume in the country. The loan agreement was signed by the port’s chairman Unmesh Sharad Wagh and REC executive director Rahul Dwivedi, in the presence of the Union ports and shipping minister Sarbananda Sonowal.
For REC, this large funding helps expand its non-power portfolio, the company said in a statement Monday. Currently its Rs 5.3 trillion (`5.3 lakh crore) loan book comprises power generation, transmission, distribution renewables projects and new technologies such as electric vehicles, battery storage, pumped storage, green hydrogen and green ammonia projects. Since recent years it also strayed funding roads, expressways, metro rails and airports etc apart form social infrastructure projects like schools hospitals Hmong others.
For the quarter ending June, REC reported as 18 percent jump in revenue to Rs 13,092.44 crore from which it booked a net profit of Rs 3,460 crore, which was 16.6% more than it had booked in the same period of of the past fiscal. The healthy bottomline was in spite of the lender seeing its net margin declining by 109 bps to 26.43% in the reporting period.
Non-power portfolio
For REC, this funding helps expand REC’s non-power portfolio. Currently its Rs 5.3 Rs 5.3 lakh crore loan book comprises power generation, transmission, distribution renewables and new technologies