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REC Limited Hosts Workshop on Customised Debt Financing for Mining

November 2, 2023 1:42 pm

REC Limited Hosts Workshop on Customised Debt Financing for Mining
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Government and Industry Leaders Collaborate to Drive Sustainable Growth in Commercial Mining Through Customised Financing Solutions.

REC Limited, a prominent public sector enterprise under the Ministry of Power, hosted a workshop on ‘Customised Debt Financing for Commercial Mining & MDOs (Mine Developers and Operators).’ The workshop took place at Hotel Oberoi in New Delhi and drew key stakeholders from both government and industry, representing the coal mining and financing sectors. The workshop agenda was thoughtfully designed to offer a comprehensive understanding of tailored debt-financing solutions and to serve as a platform for knowledge sharing and exploration of innovative financing methods that can further propel the growth and development of this vital sector. The workshop featured presentations from REC and mining agencies, shedding light on their unique perspectives regarding financing challenges and opportunities within the mining industry. It provided an opportunity for both lenders and borrowers to present their perspectives, followed by an open forum discussion where the queries of Mining Developers were addressed.

The Chief Guest and Secretary of the Ministry of Coal, Amrit Lal Meena, advised banks and non-banking financial companies to identify suitable and appropriate credit availability solutions for commercial coal mines while working on the proposals submitted to the Ministry. He also emphasised the importance of efficiently closing coal mines at the end of their operational life and revitalising such depleted mines for sustainable purposes, such as Pumped Storage facilities and Solar Parks. The Secretary stressed the commitment to repurpose these lands for more sustainable uses in the future.

Nagaraju, the Additional Secretary of the Ministry of Coal, lauded REC’s initiative and affirmed that the coal sector is here to stay, meeting the base load demands.

Addressing the participants, Vivek Kumar Dewangan, Chairman and Managing Director of REC Limited, remarked, “The mining industry in India plays a pivotal role in the nation’s economic progress. The Government’s focus on ‘Atmanirbhar Bharat’ and ‘Make in India’ has laid the groundwork for the mining sector’s expansion, making it an opportune time for customised debt financing solutions. We, at REC, are committed to being a partner in this journey.”

Mukesh Choudhary, Director (Marketing) at Coal India Ltd., reiterated the crucial role of Mining and Mine Developers in contributing to the nation’s development. He urged financial institutions to step forward and support the sector’s developmental efforts, with a special mention of the role of REC and its financial solutions in facilitating the nation’s growth needs.

Ajoy Choudhury, Director (Finance) at REC Ltd., and V K Singh, Director (Projects) at REC Ltd., addressed the queries raised by the Mining Developers and highlighted the financial solutions offered by REC Limited.

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