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REC Limited to finance power & infrastructure projects in Rajasthan worth ₹ 20,000 crores annually for the next six years

March 12, 2024 12:36 pm

REC Limited to finance power & infrastructure projects in Rajasthan worth ₹ 20,000 crores annually for the next six years

Central PSUs under Ministry of Power and Ministry of Coal sign MoUs worth ₹ 1.6 lakh crores with the Government of Rajasthan.

REC Limited, 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. Under this agreement, REC Limited will provide loans of up to ₹ 20,000 crores annually for the next six years to various departments, undertakings, institutions, and schemes of the Government of Rajasthan.

The MoU was signed in Jaipur recently, in the presence of Chief Minister of Rajasthan Bhajan Lal Sharma, Deputy Chief Minister of Rajasthan Diya Kumari, Minister of State for Energy, Government of Rajasthan Heera Lal Naagar, Chief Secretary, Government of Rajasthan Sudhansh Pant, Union Coal Secretary Amrit Lal Meena, CMD of REC Vivek Kumar Dewangan, and CMDs of NTPC, Powergrid, NLC India, and Director, Coal India.

This MoU is expected to result in a rapid increase in projects related to the state’s infrastructure sector, such as power projects, metros, roads & highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture, and other infra projects. This collaboration underscores REC’s commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state’s economic growth and prosperity.

Union Minister for Power and New & Renewable Energy R. K. Singh and Union Minister for Coal Prahlad Joshi addressed the ceremony via video conference and extended their best wishes for the initiatives undertaken by the Government of Rajasthan.

Speaking about the agreement, CMD of REC Ltd., Vivek Kumar Dewangan said: “We are proud to collaborate with the Government of Rajasthan in its mission to enhance infrastructure development across the state. Through this partnership, we aim to support sustainable growth and address the evolving energy needs of the region, along with the development of other infrastructure sectors.”

On the occasion, MoUs worth ₹ 1.6 lakh crores were signed with the Govt. of Rajasthan by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal. These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.

REC is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power and is registered with RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC). REC finances the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy, and new technologies like Electric Vehicles, Battery Storage, Pumped Storage Projects, Green Hydrogen, and Green Ammonia projects. Recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports, and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery.

REC Ltd. provides loans of various maturities to State, Central, and Private Companies for the creation of infrastructure assets in the country. REC Ltd. continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been a nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening the last-mile distribution system, 100% village electrification, and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). The loan book of REC stands at ₹ 4.97 Lakh Crores and Net Worth at ₹ 64,787 crores as of 31st December 2023.

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