REC, Bank Of India To Co-finance Rs 30,000 Cr Power, Infrastructure Projects
REC and Bank of India will co-finance Rs. 30,000 crore in projects implementable over five years. REC signed an MoU with BoI on Wednesday to explore funding possibilities for projects in the Power and Infrastructure sectors.
T.S.C. Bosh, Executive Director (Infra & Logistics), REC and Nitin G. Deshpande, CGM, BoI signed the MoU in the presence of Vivek Kumar Dewangan, CMD, REC, Rajneesh Karnatak, MD & CEO, BoI, Ajoy Choudhury, Director (Finance), REC and other senior officials from REC and BoI.
REC, a Maharatna CPSE established in 1969, under the Ministry of Power, provides long-term loans and other finance products for the power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, green Hydrogen etc. REC has also diversified into the core infrastructure sector comprising roads, metro, airports, IT, ports, etc.
The loan book of REC stands at Rs 4.54 lakh crore, ending the first quarter of the current financial year.
Bank of India is a Public Sector Bank and does banking business including funding infrastructure projects across the country with a worldwide presence. Founded in 1906, BoI has made rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalized banks and has a Global Gross Business of over Rs. 12.14 Lakh Crore.
