REC Limited Signs MoU with Government of Rajasthan for Rs 20,000 Crore Annual Financing

Jaipur: REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, has inked a Memorandum of Understanding (MoU) with the Government of Rajasthan to provide financial support to various power and non-power infrastructure projects. Under this agreement, REC Limited commits to offering loans amounting to Rs 20,000 crores annually for the next six years to support diverse initiatives across Rajasthan.

The MoU signifies REC’s commitment to promoting development in both power and non-power infrastructure sectors within Rajasthan. The financial aid is expected to drive rapid progress in critical areas 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 more.

CMD of REC Ltd., Vivek Kumar Dewangan, expressed pride in collaborating with the Government of Rajasthan and stated, “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.”

Apart from the REC agreement, several MoUs worth Rs. 1.6 lakh crores were signed with the Government of Rajasthan by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal. These agreements mark a significant commitment towards bolstering infrastructure development and driving economic growth in the region.

REC Ltd., registered with RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC), plays a pivotal role in financing the entire power-infrastructure sector and has recently diversified into non-power infrastructure. The collaboration with the Government of Rajasthan is poised to contribute to the state’s economic prosperity and infrastructural advancement.