PFC, BEML ink pact to finance, infra projects in defence, railways

State-owned BEML and PFC have signed an agreement to finance and execute critical infrastructure projects, particularly in the areas of defence, rail transportation and infrastructure development.

The Memorandum of Understanding (MoU) was signed between BEML CMD Shantanu Roy and Parminder Chopra, CMD of PFC in the national capital on Friday, BEML said in a statement.

BEML and PFC entered into a strategic MoU which aims at intensifying cooperation in financing and executing critical infrastructure projects, particularly in the areas of defence, rail transportation and infrastructure development, it said.

"The partnership is a significant step forward in supporting India's infrastructure and defence sectors. The synergy between our expertise in infrastructure development and defence production, combined with PFC's financial strength, will help deliver transformative projects that will have a lasting impact on India's economy and security landscape," Roy said.

In addition to rail and metro projects, the MoU places a strong emphasis on advancing defence manufacturing in line with the Indian government's AatmaNirbhar Bharat' vision, which focuses on achieving self-reliance in defence production.

Under the Ministry of Power, PFC is an infrastructure finance company. BEML, under the Ministry of Defence, operates in three verticals construction and mining, rail and metro and defence and aerospace.