REC Signs Rs 20,000 Cr Financing MoU with Rajasthan

14 Mar 2024 CW Team

The signing ceremony, held in Jaipur, saw the esteemed presence of Chief Minister of Rajasthan Shri Bhajan Lal Sharma, Deputy Chief Minister Smt. Diya Kumari, Minister of State for Energy Shri Heera Lal Naagar, Chief Secretary Shri Sudhansh Pant, Union Coal Secretary Shri Amrit Lal Meena, along with CMDs of NTPC, Powergrid, NLC India, and Director, Coal India.

Union Minister for Power and New & Renewable Energy Shri R. K. Singh and Union Minister for Coal Shri Prahlad Joshi graced the occasion via video conference, extending their best wishes for the collaborative initiatives.

This strategic alliance is anticipated to trigger a rapid surge in infrastructure projects across Rajasthan, encompassing a wide spectrum including power projects, metros, roads & highways, airports, IT infrastructure, oil refineries, steel infrastructure, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture, and other vital sectors.

CMD of REC Ltd., Sh. Vivek Kumar Dewangan, expressed pride in partnering with the Government of Rajasthan, emphasizing the shared objective of promoting sustainable growth and addressing the evolving energy needs of the region alongside the development of other crucial infrastructure sectors.

In addition to the REC-Rajasthan Government MoU, agreements worth Rs. 1.6 lakh crores were inked with various Central Public Sector Undertakings (CPSUs) under the Ministries of Power and Coal, highlighting a substantial commitment towards bolstering infrastructure development and propelling economic growth in the region.

REC Limited, renowned as a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power, plays a pivotal role in financing the entire power infrastructure spectrum, including generation, transmission, distribution, and renewable energy. Diversifying into non-power infrastructure sectors such as roads, metros, airports, and social infrastructure, REC stands as a key player in India's infrastructure landscape.

With a robust loan book and a track record of spearheading flagship government schemes in the power sector, REC Limited remains steadfast in its mission to propel India's infrastructure growth trajectory, ensuring inclusive and sustainable development across the nation.

REC Limited, a prominent Maharatna Central Public Sector Enterprise and leading Non-Banking Financial Company (NBFC) under the Ministry of Power, has inked a groundbreaking Memorandum of Understanding (MoU) with the Government of Rajasthan. This MoU solidifies a commitment to finance projects spanning both power and non-power infrastructure sectors, amounting to a staggering Rs 200 billion annually for the next six years. The signing ceremony, held in Jaipur, saw the esteemed presence of Chief Minister of Rajasthan Shri Bhajan Lal Sharma, Deputy Chief Minister Smt. Diya Kumari, Minister of State for Energy Shri Heera Lal Naagar, Chief Secretary Shri Sudhansh Pant, Union Coal Secretary Shri Amrit Lal Meena, along with CMDs of NTPC, Powergrid, NLC India, and Director, Coal India. Union Minister for Power and New & Renewable Energy Shri R. K. Singh and Union Minister for Coal Shri Prahlad Joshi graced the occasion via video conference, extending their best wishes for the collaborative initiatives. This strategic alliance is anticipated to trigger a rapid surge in infrastructure projects across Rajasthan, encompassing a wide spectrum including power projects, metros, roads & highways, airports, IT infrastructure, oil refineries, steel infrastructure, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture, and other vital sectors. CMD of REC Ltd., Sh. Vivek Kumar Dewangan, expressed pride in partnering with the Government of Rajasthan, emphasizing the shared objective of promoting sustainable growth and addressing the evolving energy needs of the region alongside the development of other crucial infrastructure sectors. In addition to the REC-Rajasthan Government MoU, agreements worth Rs. 1.6 lakh crores were inked with various Central Public Sector Undertakings (CPSUs) under the Ministries of Power and Coal, highlighting a substantial commitment towards bolstering infrastructure development and propelling economic growth in the region. REC Limited, renowned as a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power, plays a pivotal role in financing the entire power infrastructure spectrum, including generation, transmission, distribution, and renewable energy. Diversifying into non-power infrastructure sectors such as roads, metros, airports, and social infrastructure, REC stands as a key player in India's infrastructure landscape. With a robust loan book and a track record of spearheading flagship government schemes in the power sector, REC Limited remains steadfast in its mission to propel India's infrastructure growth trajectory, ensuring inclusive and sustainable development across the nation.