Delhi, 30 September 2024: REC Limited is a Maharatna Central Public Sector Undertaking (CPSU) under the Ministry of Power. It is also a leading Non-Banking Financial Company (NBFC). REC Limited has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan for a whopping Rs. 3 lakh crore.
The MoU was signed during the “Rising Rajasthan Investors Meet.” It aims to finance key infrastructure projects across the state. These projects encompass both power and non-power sectors over a six-year period ending in 2030.
Under the terms of the MoU, REC will provide Rs. 50,000 crore annually—an increase from the earlier commitment of Rs. 20,000 crore—to fund a variety of critical infrastructure projects in Rajasthan. These projects will span multiple sectors. This includes power, metro systems, highways, and airports. It also covers IT, oil refining, steel, and ports. Additionally, fiber optics, telecom, health, tourism, and agriculture are included.
The agreement was formalized in the presence of Rajasthan’s Hon’ble Chief Minister Shri Bhajan Lal Sharma. Industries and Commerce Minister Col. Rajyavardhan Rathore and Chief Secretary Shri Sudhansh Pant were also present. Shri Rahul Dwivedi, Executive Director of REC, and Shri Debasish Prusty, Secretary to the Government of Rajasthan, exchanged the MoU.
This MoU builds on a previous agreement. It was signed in March 2024 between REC and the Rajasthan government. In this agreement, REC had committed to financing Rs. 20,000 crore annually until 2030. The enhanced commitment reflects the state’s growing infrastructure needs and REC’s dedication to fostering development.
With this partnership, Rajasthan is poised for accelerated growth in sectors vital to the state’s economic expansion. This growth will enhance its infrastructure and contribute to the overall prosperity of the region.
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