March 13, 2024: REC, a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan, to finance projects across power and non-power infrastructure sectors.
The MoU was signed in Jaipur on March 10, 2024, in the presence of Rajasthan chief minister Bhajan Lal Sharma, deputy chief minister Diya Kumari, minister of state for energy Heera Lal Naagar, chief secretary Sudhansh Pant, union coal secretary Amrit Lal Meena and REC’s CMD Vivek Kumar Dewangan.
Under this agreement, REC will provide loans of up to Rs 20,000 crore annually for the next six years to various departments, undertakings, institutions and schemes of the government of Rajasthan. With this MoU, there is expected to be a rapid increase in projects related to the state’s infrastructure sector, such as power projects, metros, roads and highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports and waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects.
Along with the pact with REC, the Rajasthan government also signed several agreements worth Rs 1.6 lakh crore with a number of central public sector enterprises under the power ministry and the coal ministry. These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.
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