MoU signed for partners to explore funding projects
REC Limited has signed an MoU with Punjab National Bank (PNB) to associate with each other to co-finance loans amounting to Rs.55,000 crores over the next three years for power projects.
The partners will jointly explore the possibility of funding projects in the Power Sector and Infrastructure & Logistics Sector under a consortium arrangement.
Executive Director (Infra & Logistics), REC, T.S.C Bosh, and CGM (Corporate Credit Division), PNB, Rajeeva signed the MoU in Gurugram on 26 Sept 2023, in the presence of Director Finance, REC, Ajoy Choudhary; Director (Projects), REC, V K Singh and other senior officials from REC and PNB.
REC Limited, established in 1969, provides long-term loans and other finance products for Power sector, comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen.
More recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institutions, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery.
The loan book of REC exceeds Rs.454,393 crore, the Power Ministry said.
Punjab National Bank (PNB) is a Public Sector Bank and is involved in banking business across the country with worldwide presence including in the funding of infrastructure Projects. Founded in 1894, PNB is one of the largest Public Sector Banks in the country with Global Gross Business at Rs.2,214,741 crores. Fiinews.com
