REC signs MoU with JNPA for financing Rs. 45,000 Cr

New Delhi: REC Limited, Maharatna PSU  and a leading NBFC, signed an MoU with Jawaharlal Nehru Port Authority (JNPA) for financing upto Rs. 45,000 Cr for various upcoming projects of JNPA, which includes development of Vadhavan Port, says a company press note.

Rahul Dwivedi, IAS, Executive Director, REC signed the MoU with  Unmesh Sharad Wagh, Chairman, JNPA.  MoU was signed in the presence of  Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal,  Sanjay Sethi, IAS, Additional Chief Secretary (Transport and Ports),  Maharashtra Govt. and other senior officials from REC & JNPA were also present.  MoU is to establish a framework for cooperation between JNPA and REC whereby JNPA implements projects in the infrastructure sector of its expertise and REC shall provide the required funds.

JNPA  is a premier container handling Ports PSU, accounting for around 50% of the total containerized cargo volume, across the major ports of India.

REC  is a Maharatna NBFC  is public sector financial institution and is financing the entire Power-Infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. REC  has also diversified into the non-power infrastructure sector comprising roads & expressways, Metro rail, airports, IT communication, social and commercial Infrastructure (Educational Institution, Hospitals), and Electro-Mechanical (E&M) works in respect of various other sectors like steel, refinery, etc.