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Rural Electrification Corporation, a public sector enterprise, is engaged in financing and promoting transmission, distribution and generation projects across the country. It was incorporated as a private limited company on Jul. 25, 1969 and was converted into a public limited company with effect from Jul. 18, 2003. The company provides financial assistance to public sector power utilities at the central and state levels, private sector power utilities, and joint sector clients. Its financial products include long-term loans, short-term loans, bridge loans and debt refinancing provided through its corporate office in New Delhi and 17 field units across India. Currently, it administers grants, provides loans, and overseas the program for the electrification of all villages in India. It has been accorded the Mini Ratna Grade-I status by the Government of India by virtue of its operational efficiency and financial strength. Subsidiaries include REC Transmission Projects Company, REC Power Distribution Company, North Karanpura Transmission Company and Talcher II Transmission Projects Company. Loan sanctions and loan disbursements have grown at a CAGR of 28.37% and 13.51%, respectively, between fiscal 2003 and fiscal 2007. As on Mar. 31, 2007, the company sanctioned generation projects worth Rs 307,270 million and made disbursements worth Rs 73,770 million in the past five years. In FY08, sanctions of Rs 233,740 million and disbursements of Rs 27,220 million have already been made till Dec. 31, 2007. Major Projects sanctioned so far in the state sector include Santaldih TPP in West Bengal, Lehra Mohabbat TPP in Punjab, Korba (East) and Korba (West)TPPs in Chhattisgarh among several others. In the private sector, loans were sanctioned for Karcham Wangtoo HEP in Himachal Pradesh, Mahan Superthermal Power Project and Maheshwar HEP in MP among other projects. The registered and corporate office is located at Core 4, SCOPE Complex, 7, Lodhi Road, New Delhi-110003.