REC Limited to Fund Rajasthan Infrastructure Projects with Rs 3 Lakh Crore

REC Limited, a Maharatna CPSU, has signed an MoU with the Rajasthan government to provide Rs 3 lakh crore for infrastructure projects until 2030. This funding aims to bolster power and non-power infrastructure across the state.

REC Limited, a Maharatna CPSU under the Ministry of Power, has committed Rs 3 lakh crore in funding for Rajasthan's infrastructure projects through a newly signed MoU with the state government. The agreement will see an annual provision of Rs 50,000 crore, significantly increasing from the previous Rs 20,000 crore.

The MoU, formalized during the 'Rising Rajasthan Investors meet,' is expected to accelerate developments in various sectors including power, metros, roads, highways, airports, IT, and telecommunications. Additional focus areas include health, tourism, and other essential infrastructure projects.

Previously, on March 10, 2024, an MoU was signed to finance Rs 20,000 crore annually till 2030. REC, a 'Maharatna' company, is registered with RBI as a Non-Banking Finance Company and is heavily invested in both power and non-power infrastructure sectors, including advanced technologies and renewable energy projects.

REC Limited's diverse funding portfolio covers the entire power infrastructure sector, encompassing generation, transmission, and distribution, as well as emerging technologies like electric vehicles and green hydrogen projects. The company also finances non-power infrastructure sectors such as roads, metro rail, airports, and educational and healthcare facilities.

By providing loans of varied maturities to state, central, and private companies, REC Limited aims to foster substantial infrastructure development across the country.

(With inputs from agencies.)