REC signs MoU with Rajasthan Govt to finance power & infra Projects

New Delhi: REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has signed a Memorandum of Understanding (MoU) on 10th March 2024 in Jaipur with the Government of Rajasthan, to finance projects across power and non-power infrastructure sectors with an investment of up to Rs 20,000 crore per annum for a period of six years, extending up to 2030.

The MoU was signed in the presence of several dignitaries including Shri Bhajan Lal Sharma, Hon'ble Chief Minister of Rajasthan; Smt. Diya Kumari, Deputy Chief Minister, Govt.  of Rajasthan; Shri Heera Lal Naagar, Minister of State for Energy, Government of Rajasthan; Shri Sudhansh Pant, Chief Secretary, Government of Rajasthan;  Shri Amrit Lal Meena, Secretary, Ministry of Coal, Government of India; Shri Vivek Kumar Dewangan, CMD, REC; and CMDs from NTPC, Powergrid, NLC India, and Director, Coal India.

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Hon'ble Minister of Power and New & Renewable Energy, Shri R. K. Singh and Hon'ble Union Minister of Coal, Shri Prahlad Joshi, addressed the ceremony via virtual conference and extended their best wishes for the initiatives undertaken by the Government of Rajasthan.

Speaking about the agreement, Sh. Vivek Kumar Dewangan, CMD, REC Ltd said, "We are proud to collaborate with the Government of Rajasthan in its mission to enhance infrastructure development across the state. Through this partnership, we aim to support sustainable growth and address the evolving energy needs of the region along with the development of other infrastructure sectors."

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Under this agreement, REC Limited will provide loans of upto Rs 20,000 crores annually for next six years to various departments, undertakings, institutions and schemes of the Rajasthan government. With this MoU, there will be a rapid increase in projects related to the state's infrastructure sector like power projects, metro, roads & highways, airports, IT infra, oil refinery, steel infra, 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.

On the occasion, MoUs worth Rs. 1.6 lakh crore were signed by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal with the Govt. of Rajasthan. These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.

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