REC Limited has entered into a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) to jointly explore potential funding opportunities in the Power Sector and Infrastructure & Logistics Sector through a consortium arrangement. Under this collaboration, REC and PNB will work together to co-finance projects amounting to Rs. 55,000 crores over the next three years.
Executive Director (Infra & Logistics), REC, T.S.C Bosh, and CGM (Corporate Credit Division), PNB, Rajeeva signed the MoU in Gurugram today, September 26, 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, plays a vital role in providing long-term loans and financial solutions for various segments of the Power sector, including Generation, Transmission, Distribution, Renewable Energy, and emerging technologies like Electric Vehicles, Battery Storage, and Green Hydrogen. In addition to its focus on the Power sector, REC has also diversified into the Non-Power Infrastructure sector, covering areas such as Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institutions, Hospitals), Ports, and Electro-Mechanical (E&M) works in sectors like Steel and Refinery. REC’s loan book currently stands at over Rs. 4,54,393 Crore, reflecting its substantial contributions to these critical sectors.
