The agreement was signed during the India Global Forum (IGF) Mumbai NXT 25 event at the Jio Convention Centre. It was formalised by REC Director (Finance) Harsh Baweja and MMRDA Financial Advisor Dr Ankush R Nawale in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis, Chief Minister Eknath Shinde, and senior officials from both REC and MMRDA.

Under the MoU, REC will fund a wide range of infrastructure initiatives, including urban mobility, housing, and critical urban infrastructure. The financial assistance will be rolled out over the next five years, aimed at accelerating the development and modernisation of the region’s growing urban landscape.

“This Rs 1000 billion commitment reflects REC’s focus on supporting large-scale projects that can improve quality of life and urban infrastructure in MMR,” said Harsh Baweja.

Rahul Dwivedi, Executive Director (I&L), REC Limited, added, “This partnership highlights REC’s expanding role in financing key infrastructure projects and supporting India’s long-term growth goals.”