REC Limited to finance power, infrastructure projects in Rajasthan worth Rs 20,000 crores annually for next six years

According to a press release by the Ministry of Power, the Memorandum of Understanding (MoU) signed between REC Limited and the state government entails financing projects across power and non-power infrastructure sectors, with an annual commitment of up to Rs 20,000 crores for the next six years.

Rural Electrification Corporation Limited (REC), a Maharatna Central Public Sector Enterprise and a leading Non-Banking Financial Company (NBFC) under the Ministry of Power, has entered into an agreement with the Government of Rajasthan. According to a press release by the Ministry of Power, the Memorandum of Understanding (MoU) signed between REC Limited and the state government entails financing projects across power and non-power infrastructure sectors, with an annual commitment of up to Rs 20,000 crores for the next six years.

The agreement, signed in Jaipur on 10th March 2024, witnessed the presence of key dignitaries including Chief Minister of Rajasthan Bhajan Lal Sharma, Deputy Chief Minister Diya Kumari, Minister of State for Energy Heera Lal Naagar, Chief Secretary Sudhansh Pant, Union Coal Secretary Amrit Lal Meena, CMD of REC Vivek Kumar Dewangan, and CMDs of NTPC, Powergrid, NLC India, along with the Director of Coal India, read the press release. Union Minister for Power and New and Renewable Energy, RK Singh, and Union Minister for Coal, Prahlad Joshi, extended their best wishes for the initiatives undertaken by the Government of Rajasthan via video conference during the ceremony.

The collaboration between REC Limited and the Government of Rajasthan signifies a robust commitment towards infrastructure development across the state. The financing provided by REC Limited is expected to catalyze a rapid increase in projects related to power infrastructure, metros, roads and highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports and waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture, and other infrastructural projects, read the press release.

Commenting on the agreement, Vivek Kumar Dewangan, CMD of REC Ltd., expressed pride in collaborating with the Government of Rajasthan to enhance infrastructure development across the state. He emphasized the partnership's aim to support sustainable growth and address the evolving energy needs of the region, along with the development of other infrastructure sectors.

Additionally, during the event, MoUs worth Rs 1.6 lakh crores were signed between Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal with the Government of Rajasthan, marking a substantial commitment towards bolstering infrastructure development and driving economic growth in the region, read the press release. REC Limited, registered with RBI as an NBFC and Infrastructure Financing Company (IFC), plays a pivotal role in financing the entire power-infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy, and new technologies.

With a diversified portfolio into non-power infrastructure sectors, REC Limited continues to play a key strategic role in various flagship schemes of the government, contributing significantly to the country's infrastructure development. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)