New Delhi: REC Limited and Bank of Baroda have entered a Memorandum of Understanding (MoU) to jointly sanction loans for power, infrastructure, and logistics projects in India over the next three years. The collaboration, formalized on January 3, 2024, aligns with the shared vision of both entities to strengthen the country’s critical sectors and promote sustainable growth. Recognizing the urgency to fortify these domains, REC Limited and Bank of Baroda aim to pool resources and expertise to champion initiatives fostering economic development and improving accessibility to essential services nationwide.
The agreement, witnessed by REC Limited’s Chairperson and Managing Director Shri Vivek Kumar Dewangan, Bank of Baroda’s Managing Director & CEO Shri Debadatta Chand, and Executive Director Shri Lalit Tyagi, signifies a strategic partnership. Dewangan highlighted the collaboration’s importance, emphasizing its role in accelerating pivotal projects for national progress. He stressed the partnership’s commitment to inclusive development, utilizing REC’s power sector expertise and Bank of Baroda’s financial strength to catalyze transformative projects.
Bank of Baroda’s Managing Director & CEO, Shri Debadatta Chand, emphasized the MoU’s role in jointly financing projects amid India’s robust economic growth, anticipating increased capital expenditure and private investment, necessitating collaborative and innovative financing structures.