REC, Rajasthan govt tie-up; finance infra projects

19 Mar 2024 CW Team

The MoU was signed in the presence of several dignitaries including Bhajan Lal Sharma, Chief Minister of Rajasthan; Diya Kumari, Deputy Chief Minister, Government of Rajasthan; Heera Lal Naagar, Minister of State for Energy, Government of Rajasthan; Sudhansh Pant, Chief Secretary, Government of Rajasthan; Amrit Lal Meena, Secretary, Ministry of Coal, Government of India; Vivek Kumar Dewangan, CMD, REC; and CMDs from NTPC, Powergrid, NLC India, and Director, Coal India.

Minister of Power and New & Renewable Energy, RK Singh and Union Minister of Coal, Shri Prahlad Joshi, addressed the ceremony via virtual conference and extended their best wishes for the initiatives undertaken by the Government of Rajasthan.

Speaking about the agreement, Vivek Kumar Dewangan, CMD, REC, said, "We are proud to collaborate with the Government of Rajasthan in its mission to enhance infrastructure development across the state. Through this partnership, we aim to support sustainable growth and address the evolving energy needs of the region along with development of other infrastructure sectors."

Under this agreement, REC will provide loans of up to Rs 20,000 crore annually for next six years to various departments, undertakings, institutions and schemes of the Rajasthan government. With this MoU, there will be a rapid increase in projects related to the state's infrastructure sector like power projects, metro, roads and highways, airports, IT infra, oil refinery, steel infra, ports & waterways, fibre optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects. This collaboration underscores REC's commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state's economic growth and prosperity.

On the occasion, MoUs worth Rs 1.6 lakh crore were signed by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal with the Government of Rajasthan. These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.

REC, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has signed a Memorandum of Understanding (MoU) on March 10, 2024 in Jaipur with the Government of Rajasthan, to finance projects across power and non-power infrastructure sectors with an investment of up to Rs 20,000 crore per annum for a period of six years, extending up to 2030. The MoU was signed in the presence of several dignitaries including Bhajan Lal Sharma, Chief Minister of Rajasthan; Diya Kumari, Deputy Chief Minister, Government of Rajasthan; Heera Lal Naagar, Minister of State for Energy, Government of Rajasthan; Sudhansh Pant, Chief Secretary, Government of Rajasthan; Amrit Lal Meena, Secretary, Ministry of Coal, Government of India; Vivek Kumar Dewangan, CMD, REC; and CMDs from NTPC, Powergrid, NLC India, and Director, Coal India. Minister of Power and New & Renewable Energy, RK Singh and Union Minister of Coal, Shri Prahlad Joshi, addressed the ceremony via virtual conference and extended their best wishes for the initiatives undertaken by the Government of Rajasthan. Speaking about the agreement, Vivek Kumar Dewangan, CMD, REC, said, We are proud to collaborate with the Government of Rajasthan in its mission to enhance infrastructure development across the state. Through this partnership, we aim to support sustainable growth and address the evolving energy needs of the region along with development of other infrastructure sectors. Under this agreement, REC will provide loans of up to Rs 20,000 crore annually for next six years to various departments, undertakings, institutions and schemes of the Rajasthan government. With this MoU, there will be a rapid increase in projects related to the state's infrastructure sector like power projects, metro, roads and highways, airports, IT infra, oil refinery, steel infra, ports & waterways, fibre optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects. This collaboration underscores REC's commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state's economic growth and prosperity. On the occasion, MoUs worth Rs 1.6 lakh crore were signed by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal with the Government of Rajasthan. These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.