REC signs $250 mn loan agreement with SBI Hong Kong

Rural Electrification Corporation (REC) signs $250 mn loan agreement with State Bank of India (SBI) Hong Kong.

Rural Electrification Corporation (REC), a state-owned company,SBI-Logo on March 13, 2013 said it has signed a $250 million loan agreement with Hong Kong branch of State Bank of India (SBI) for lending to the infrastructure sector.

The company also said the bilateral term-loan agreement signed at Hong Kong on March 11, 2013 with State Bank of India is for $250 million (approximately Rs 1,350 crore).

The funding for the same is to be done by an offshore branch of State Bank of India, being the sole lender, it said.

REC Chairman Rajeev Sharma exchanged the loan facility agreement with the officials of State Bank of India, Hong Kong.

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