Collaborative effort to accelerate pivotal projects crucial to the nation’s progress
REC Limited has signed a Memorandum of Understanding (MoU) with Bank of Baroda in order to facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years.
“Recognizing the pressing need to fortify these critical domains, REC Limited and Bank of Baroda unite with a shared vision of advancing sustainable growth and bolstering the nation’s infrastructural backbone,” the Power Ministry said on 4 Jan 2024.
“By pooling resources and expertise, both entities endeavor to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide.”
The MoU was signed on 3 Jan 2024 in the presence of Chairperson and Managing Director (CMD), REC Limited, Vivek Kumar Dewangan and Managing Director & CEO, Bank of Baroda, Debadatta Chand along with Executive Director, Bank of Baroda, Lalit Tyagi.
Commenting on the collaboration, 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.”
Bank of Baroda Managing Director & CEO Debadatta Chand elaborated, “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.”
Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Indian Government. Fiinews.com
