REC, Bank of Baroda Ink Pact To Fund Power, Infrastructure, Logistics Projects
REC and Bank of Baroda (BoB) have inked a significant Memorandum of Understanding (MoU) to collectively fund ventures in power, infrastructure and logistics sectors for the upcoming three years, aiming to bolster India's infrastructure. The signing ceremony was graced by Vivek Kumar Dewangan, IAS, the chairman and managing director (CMD) of REC, Debadatta Chand, the managing director and CEO of Bank of Baroda and Lalit Tyagi, the executive director of Bank of Baroda.
Dewangan emphasised that this collaboration represents a joint endeavour to expedite critical projects vital for the nation's advancement. He highlighted its importance in reinforcing their dedication to fostering inclusive growth. Dewangan added that by combining REC's expertise in the power sector with Bank of Baroda's financial strength, they aim to accelerate transformative projects for societal and economic advancement.
Debadatta Chand echoed the sentiment, emphasising that the MoU allows both entities to fund a spectrum of projects, including power (including renewable power), infrastructure and logistics. He underlined the significance of innovative financing structures in line with the rising capital expenditure and private investment in India's growing economy.
Additionally, REC also recently penned an MoU with Rail Vikas Nigam (RVNL) to extend financial support of up to Rs 35,000 crore for infrastructure projects spanning five years. This collaboration encompasses a diverse range of ventures like multi-modal logistics hubs, rail infrastructure, road development, port facilities and metro projects.
