The memorandum of understandings (MoUs) were signed during UP Global Investors Summit in Delhi.
The state-run company on 13 January 2023, signed non-binding MoUs with UP government to extend financial assistance aimed at boosting employment and growth in the state.The company signed an MoU for power generation project of Rs 14,103 crore with capacity addition of nearly 3000 MW, pollution control equipments and allied works.
It also inked an MoU for transmission projects of Rs 7,800 crore for strengthening the transmission system and network in UP.
Another MoU was signed for distribution project of Rs 13,600 crore for strengthening infrastructure, reducing AT&C losses, to provide quality and affordable power to all.
Further, MoUs were signed for renewable energy of Rs 45,350 crore for addition of 10000 MW capacity; and for multiple infrastructure development projects in UP state of Rs 20,000 crore across various sectors.
Meanwhile, during MP Global Investors Summit 2023, REC also signed a non-binding MoU with MP Power Management Company Limited (MPPMCL) to extend financial assistance of Rs 15,086 crore for upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation & modernization, etc.
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REC is a Government company engaged in extending financial assistance across the power sector value chain and is a systemically important (Non-Deposit Accepting or Holding) non-banking finance company (NBFC) registered with Reserve Bank of India (RBI). REC is a leading infrastructure finance company in India and the principal products of REC are interest-bearing loans to state electricity boards, state power utilities/state power departments and private sector for all segments of power infrastructure.
On consolidated basis, the company's net profit rose 1.5% to Rs 2,732.12 crore despite of 0.9% decline in total income to Rs 9,964 crore in Q2 FY23 over Q2 FY22.
Shares of REC rose 1.70% to settle at Rs 122.70 on Friday, 13 January 2023.
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