REC Limited and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) to jointly explore possible funding opportunities in the Power Sector and Infrastructure & Logistics Sector through a consortium arrangement. REC and PNB would collaborate to co-finance projects worth Rs. 55,000 crores over the next three years as part of this collaboration.
T.S.C. Bosh, Executive Director (Infra & Logistics), REC, and Rajeeva, CGM (Corporate Credit Division), PNB, signed the MoU in Gurugram today, September 26, 2023, in the presence of Ajoy Choudhary, Director Finance, REC, VK Singh, and other senior officials from REC and PNB.
REC Limited, founded in 1969, is an important provider of long-term loans and financial solutions to various segments of the power sector, including generation, transmission, distribution, renewable energy, and emerging technologies such as electric vehicles, battery storage, and green hydrogen. REC has 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 such as Steel and Refinery. REC’s loan book now exceeds Rs. 4,54,393 crore, showing its significant contributions to these vital industries.
