REC Commits Rs 35,000 Cr For Infra Projects In Collaboration With RVNL
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, has entered into a Memorandum of Understanding (MoU) with Rail Vikas Nigam Limited (RVNL).
The agreement, signed by Ajoy Choudhury, Director (Finance) of REC, and Rajesh Prasad, Director (Operations) of RVNL, solidifies a financial collaboration of up to Rs 35,000 crore over the next five years for an array of critical projects.
This partnership encompasses a wide spectrum of infrastructure initiatives, including multi-modal logistics hubs, rail infrastructure, road development, port facilities and metro projects. The commitment underscores REC Limited's expansion beyond its traditional focus on power infrastructure to include non-power sectors such as roads, expressways, metro rail, airports, IT communication, social and commercial infrastructure, ports and electro-mechanical works for industries like steel and refinery.
Established in 1969, REC Limited has earned its Maharatna status by specialising in providing long-term financial solutions. With a loan book exceeding Rs 4,74,275 crore, REC plays a pivotal role in supporting the growth of various sectors, including renewable energy and emerging technologies like electric vehicles, battery storage, and green hydrogen.
On the other side of this collaboration is Rail Vikas Nigam Limited (RVNL), classified as a Schedule 'A' Navratna CPSE under the Ministry of Railways. RVNL holds a crucial position in fulfilling around 30 per cent of Indian Railways' infrastructure needs and has expanded its scope beyond railway projects to include road development, port facilities, irrigation, and metro projects, often interconnected with railway infrastructure.
