REC Ltd signs MoU with MMRDA for ₹1 lakh cr investment in MMR

The Memorandum of Understanding (MoU) signed with Mumbai Metropolitan Region Development Authority (MMRDA) outlines REC Limited’s commitment to financing a wide array of infrastructure projects in the Mumbai Metropolitan Region (MMR), focusing on urban mobility, housing and essential infrastructure.

REC Limited, has entered into a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA) to provide financial support of ₹1 lakh crore for infrastructure development in the Mumbai Metropolitan Region (MMR). The MoU outlines REC Limited’s commitment to financing a wide array of infrastructure projects in the MMR, focusing on urban mobility, housing, and essential infrastructure. The funding will be disbursed over the next five years, ensuring steady progress in modernising and enhancing the region’s infrastructure.

On this milestone, Harsh Baweja, Director (Finance) said, “Our ₹1 lakh crore commitment reflects our strong dedication to supporting large-scale infrastructure projects that will significantly improve the living standards for the people of Mumbai Metropolitan Region.” Further on this occasion, Rahul Dwivedi, IAS, Executive Director (I&L), REC Limited said, “We are excited to partner with MMRDA in this transformative initiative.”

The agreement was formally signed by Harsh Baweja,Director (Finance), REC Limited and Ankush R Nawale, Financial Advisor MMRDA, at the India Global Forum (IGF) Mumbai NXT 25 event at the Jio Convention Centre, Mumbai, in the presence of Maharashtra’s Chief Minister, Devendra Fadnavis; Deputy Chief Minister, Eknath Shinde; Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA; Vikram Kumar, IAS, Additional Metropolitan Commissioner, Rahul Dwivedi, IAS, Executive Director, REC and senior officials of REC and MMRDA.

This collaboration underscores REC Limited’s vital role in financing and driving infrastructure development across India, furthering its mission to contribute to the nation’s growth and progress.