REC signs MoU with RVNL, to finance Infrastructure Projects

New Delhi: REC Limited , a power sector Maharatna enterprise has signed an MoU with RVNL to finance upto         Rs. 35,000 Crore for Infrastructure Projects to be executed by RVNL over the next 5 years. These projects constitute multi modal logistics hub projects , rail infrastructure projects, road, port, and metro projects where RVNL has forayed into according to company Press Release.

Director (Finance) Ajoy Choudhury of REC and Director (Fin.-Ops)Rajesh Prasad, from RVNL signed the MoU in the presence of REC CMD, Vivek Kumar Dewangan,  and Sanjeeb Kumar, Director (Finance), RVNL. Smt Anupam Ban, DPE, RVNL and other senior officials from REC and RVNL were also present on the occasion.

REC Limited,  established in 1969, provides long term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. Recently REC has also diversified into the Non-Power Infrastructure sector comprising of Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.  

RVNL, a “Schedule ‘A’ Navratna” enterprise, caters to about 30% of infrastructure requirements of Indian Railways and has  made forays into road, port, irrigation and metro projects, many of which having forward and/or backward linkages with Railway infrastructure one way or the other, says the press note.