REC and PNB sign Rs. 55,000 cr MoU
REC and PNB will associate with each other to co-finance loans amounting to Rs. 55,000 crores over the next three years.
New Delhi: REC Limited has signed an MoU with Punjab National Bank (PNB) to jointly explore the possibility of funding projects in the Power Sector and Infrastructure & Logistics Sector under a consortium arrangement. REC and PNB will associate with each other to co-finance loans amounting to Rs. 55,000 crores over the next three years.Read Also : IIM Lucknow Triumphs in NTPC Electron Regional Finals, Followed by IIT BHU and IIT Kanpur
Executive Director (Infra & Logistics), REC, Shri T.S.C Bosh, and CGM (Corporate Credit Division), PNB, Shri Rajeeva signed the MoU in Gurugram today, September 26, 2023, in the presence of Director Finance, REC, Shri Ajoy Choudhary; Director (Projects), REC, Shri V K Singh and other senior officials from REC and PNB.
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, was established in 1969 and provides long-term loans and other finance products for Power sector, comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen.Read Also : Air Marshal Praveen Keshav Vohra takes over as Senior Air Staff Officer of Western Air Command, IAF
More recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads and 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 and Refinery. The loan book of REC exceeds Rs. 4,54,393 Crore.
Punjab National Bank (PNB) is a Public Sector Bank and is involved in banking business across the country with a worldwide presence including in the funding of infrastructure Projects. Founded in 1894, PNB is one of the largest Public Sector Banks in the country with Global Gross Business at Rs 22,14,741 crores.Read Also : iDEX-DIO signs 300th contract for Defence Innovation
News Must Read
- CIL's November coal output jumps 11% to 65.97 million tonnes
- REC's CSR arm signs Rs 8 Crore agreement
- SJVN synchronizes Second Unit of Naitwar Mori Hydro Electric Project
- BCCL starts Commercial Operations of 5.0 MTPA Madhuband Washery
- GAIL's 3 GSRTC Diesel buses converted to LNG: Read More
- HPCL’s first 100 MW mega solar project at Galiveedu
- IREDA IPO Listing Day; Receives Strong Investors Response
- BPCL Dividend of Rs 21 per Share for FY24
- Defence Ministry inks Rs 2956.89 Cr contract with BHEL
- Rajnath Singh Unveils India's Latest Stealth Destroyer 'Imphal'