REC signs MoU with Rajasthan Govt for Rs. 3 lakh crore

New Delhi: REC Limited, a Maharatna CPSU under Ministry of Power and a leading NBFC, has signed MoU with Govt of Rajasthan, Department of Finance during the "Rising Rajasthan Investors meet" . As per MoU, REC will provide Rs. 50,000 Crore annually (increased from Rs. 20,000 Crore) to finance projects across power and non-power infrastructure for a period of six years upto 2030 i.e. total value of MoU is Rs. 3.00 lac cr.

The MoU was signed in the presence of Hon'ble Chief Minister, Govt of Rajasthan, Shri Bhajan Lal Sharma; Col Rajyavardhan Rathore, Minister for Industries & commerce, GoR; Sri Sudhansh Pant, Chief Secretary, GoR. The MoU was exchanged by Shri Rahul Dwivedi, ED (PMD and I&L) REC and Shri Debasish Prusty, Secretary to GoR. 

On 10th March 2024, MoU was signed in Jaipur between REC and Govt of Rajasthan to finance Rs. 20,000 Crore annually till 2030. Today's MoU is update of the same.

With this MoU, there is expected to be a rapid increase in projects in Rajasthan related to the state's infrastructure sector, such as power projects, metros, roads & highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports & waterways, fiber 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.