REC aims to tackle Rs 7000 crore worth of its stressed assets in FY24

This year, REC Ltd, earlier known as Rural Electrification Corporation, aims to resolve approximately worth Rs 7,000 crore of its stressed assets. This accounts for approximately 40-45 percent of its total stressed assets. In the following year, the company intends to achieve a complete cleanup of its balance sheet and is committed to avoiding any further additions of non-performing assets (NPAs).

Sharing the company's robust strategy to address its stressed assets in the upcoming fiscal year in an interview with CNBC-TV18, Ajoy Choudhury, Director-Finance of REC,  said that this initiative, which aims to resolve stressed assets worth Rs 7,000 crore, demonstrates the company's  commitment to strengthening its financial position.  It will in turn ensure the health of its balance sheet, he said.

Ajoy Choudhury expressed confidence in REC's ability to manage this significant portfolio of stressed assets. He emphasised that the company's efforts are focused on resolving these assets efficiently and effectively, with a clear goal of minimising financial strain and improving overall performance.