REC Ltd has inked a Memorandum of Understanding (MoU) with Rail Vikas Nigam Ltd (RVNL) to provide financial assistance of up to Rs 35,000 crore for a spectrum of infrastructure projects planned by RVNL in the next 5 years. These projects encompass multi-modal logistics hubs, rail infrastructure ventures, road development, port expansions, and metro initiatives recently ventured into by RVNL.
The signing ceremony saw the participation of key figures such as Ajoy Choudhury, Director (Finance) of REC, Rajesh Prasad, Director (Operations) of RVNL, and V.K Dewangan, CMD of REC. Additionally, Sanjeeb Kumar, Director (Finance) of RVNL, Anupam Ban, DPE of RVNL, and other high-ranking officials from both organizations were present.
Established in 1969 and operating under the Ministry of Power, REC Ltd is a Maharatna CPSE specializing in providing long-term financial solutions for the Power-Infrastructure sector, covering Generation, Transmission, Distribution, Renewable Energy, and cutting-edge technologies such as Electric Vehicles, Battery Storage, and Green Hydrogen. In a recent strategic move, REC has also diversified its portfolio to include Non-Power Infrastructure sectors such as Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institutions, Hospitals), Ports, and Electro-Mechanical (E&M) works in various sectors like Steel and Refinery. The impressive loan book of REC currently stands at over Rs 4,74,275 crore.