REC Limited inks MoU with Bank of Baroda to facilitate loans
The loans will fund power, infrastructure, and logistics projects in the country over the next three years.
New Delhi: REC Limited signed a Memorandum of Understanding with Bank of Baroda today to facilitate joint sanctions of loans. The loans will fund power, infrastructure, and logistics projects in the country over the next three years.
The MoU was signed in the presence of Sh. Vivek Kumar Dewangan, CMD, REC Ltd., and Sh. Debadatta Chand, MD & CEO, Bank of Baroda, along with Shri Lalit Tyagi, Executive Director, Bank of Baroda, and senior REC officials.
Commenting on the collaboration, Mr. Dewangan said: “This landmark agreement signifies a collaborative effort to accelerate the realization of pivotal projects crucial to the nation’s progress. This partnership marks a significant stride in our commitment to fostering inclusive development. By harnessing synergies between REC's expertise in the power sector and Bank of Baroda's financial prowess, we aim to catalyze transformative projects that will positively impact communities and drive socio-economic progress.
Managing Director & CEO, of Bank of Baroda, Shri Debadatta Chand said: “This MoU will enable Bank of Baroda and REC to jointly finance Power (including renewable power), Infrastructure and Logistics projects. With the Indian economy on a strong growth path, we will see a rise in capital expenditure and private investment and an increasing need for collaborative and innovative financing structures.”