 "REC Ltd and Bank of Baroda MoU (Photo: PIB)")
In a significant development aimed at boosting India's infrastructure, state-owned REC Limited has signed a Memorandum of Understanding (MoU) with the Bank of Baroda (BoB) to jointly finance projects in the power, infrastructure, and logistics sectors over the next three years.
The MoU was signed in presence of Vivek Kumar Dewangan, IAS, chairman and managing director (CMD), REC Limited and Debadatta Chand, managing director and CEO, Bank of Baroda along with Lalit Tyagi, executive director, Bank of Baroda.
Commenting on this collaboration, Dewangan said, "This landmark agreement signifies a collaborative effort to accelerate the realisation of pivotal projects crucial to the nation's progress. This partnership marks a significant stride in our commitment to fostering inclusive development.
"By harnessing synergies between REC's expertise in the power sector and Bank of Baroda's financial prowess, we aim to catalyse transformative projects that will positively impact communities and drive socio-economic progress," Dewangan added.
Debadatta Chand, managing director and CEO, Bank of Baroda said, "This MoU will enable Bank of Baroda and REC to jointly finance power [including renewable power], infrastructure and logistics projects."
He added, "With the Indian economy on a strong growth path, we will see a rise in capital expenditure and private investment and an increasing need for collaborative and innovative financing structures."
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Earlier on Wednesday, REC Limited also signed a MoU with Rail Vikas Nigam Limited (RVNL) to extend financial support of up to Rs 35,000 crore for infrastructure projects over the next five years.
The agreement encompasses a wide spectrum of projects, including multi-modal logistics hubs, rail infrastructure, road development, port facilities, and metro projects that RVNL is venturing into.
