RITES subsidiary REMC & IRFC signs MoU on financing power projects
The MoU also facilitates the financing of thermal, nuclear, and renewable power projects established under the captive model through joint ventures between Indian Railways and other entities.
RITES and IRFC officials at the MoU-signing ceremony
Gurugram, January 2, 2025: RITES’ subsidiary REMC Ltd. today signed a Memorandum of Understanding (MoU) with Indian Railway Finance Corporation (IRFC) Limited, a financing arm of Indian Railways, to explore options for financing power projects for supply to the Railways.
Under this MoU, both parties will explore opportunities for collaboration across domains, including Transaction Advisory, Project Management services, DPR reviews, and consultancy or advisory services related to financing power projects with backward and forward linkages to the Railways, excluding those awarded by REMC Ltd.
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The MoU also facilitates the financing of thermal, nuclear, and renewable power projects established under the captive model through joint ventures between Indian Railways and other entities. Leveraging each other’s expertise and manpower as needed, REMC and IRFC will capitalize on their complementary strengths to ensure smooth project execution
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REMC Ltd. is a subsidiary of RITES Limited with 51% stake and the rest 49% is held by Indian Railways. It is in the business of Power Management and Power Generation. It is mandated to handle power procurement under the ‘open access’ for Indian Railways, besides handling renewable energy and energy-efficiency projects.
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