Business News | REC Signs MoU to Provide Rs 3 Lakh Crore for Rajasthan Infra Projects by 2030
Get latest articles and stories on Business at LatestLY. REC Limited, a Maharatna CPSU under the Ministry of Power, has signed an MoU with the Rajasthan government to provide Rs 3 lakh crore in funding for infrastructure projects in the state, according to a statement from the company.
New Delhi [India], October 1 (ANI): REC Limited, a Maharatna CPSU under the Ministry of Power, has signed an MoU with the Rajasthan government to provide Rs 3 lakh crore in funding for infrastructure projects in the state, according to a statement from the company.
As per the MoU, REC will provide Rs 50,000 crores annually (an increase from Rs 20,000 crore) to finance projects across power and non-power infrastructure for a period of six years up to 2030.
The state's infrastructure sector projects, including those pertaining to power, metros, roads, highways, airports, IT, steel, oil refinery, ports, and waterways, fibre optics, telecom, health, tourism, and other infrastructural projects, are anticipated to rapidly increase as a result of this Memorandum of Understanding.
The MoU took place between REC Limited and the Department of Finance during the "Rising Rajasthan Investors meet" on Tuesday.
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Earlier,on March 10, 2024, an MoU was signed in Jaipur between REC and Government of Rajasthan to finance Rs. 20,000 Crore annually till 2030.
REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).
REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects, etc.
More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institutions, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.
REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. (ANI)
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