Wednesday 24th July 2024

REC signs MoU with RVNL, to finance Infrastructure Projects

Jan 3rd, 2024 8:49 pm | By | Category: SPECIAL NEWS COVERAGE

New Delhi, 2 January 2024: REC Limited signed an MoU with RVNL to finance upto Rs. 35,000 Crore for Infrastructure Projects to be executed by RVNL over the next 5 years. These projects constitute multi modal logistics hub projects , rail infrastructure projects, road, port, and metro projects where RVNL has forayed into.

Ajoy Choudhury, Director (Finance), REC and Rajesh Prasad, Director (Operations), RVNL signed the MoU in the presence of V.K Dewangan, CMD, REC; Sanjeeb Kumar, Director (Finance), RVNL; Smt Anupam Ban, DPE, RVNL and other senior officials from REC and RVNL. REC Limited, a Maharatna CPSE established in 1969, under Ministry of Power, provides long term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC has also diversified into the Non-Power Infrastructure sector comprising of Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4,74,275 Crore.

RVNL, a “Schedule ‘A’ Navratna” Central Public Sector Enterprise under Ministry of Railways, caters to about 30% of infrastructure requirements of Indian Railways and has also pioneered implementation of large infrastructure projects under PPP model, is primarily undertaking Railway projects and has also made forays into road, port, irrigation and metro projects, many of which having forward and/or backward linkages with Railway infrastructure one way or the other.

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