• corporate

REC Limited signs MoU with National Investment and Infrastructure Fund Limited

• nationalherald
• January 29, 2024

by Prashant Kapadia/NHN

Gurugram, 25 January, 2023: REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has signed a Memorandum of Understanding (MoU) with the National Investment and Infrastructure Fund Limited (NIIFL) to collaborate on a suite of funding solutions for Renewable Energy Projects as well as  large-scale infrastructure projects in India.

The MoU was signed in the presence of  Sh. Vivek Kumar Dewangan, CMD, REC and Shri Rajiv Dhar, CEO and MD, NIIFL by Shri Daljeet Singh Khatri, ED (Finance), REC, and Sh. Prasad Gadkari, Executive Director & Chief Strategy Officer, NIIFL.

Sh. Ajoy Choudhury, Director (Finance), REC; Sh. V K Singh, Director (Projects), REC; Sh. K Mukundan, Sr. Principal – Strategic Initiatives and Policy Advisory, NIIFL and Sh. Saurabh Rastogi, Executive Director, REC were also present on the occasion and held rich discussions.

Sh. Vivek Kumar Dewangan, CMD, REC said, “Empowering India’s growth through strategic financial partnerships, REC Limited remains steadfast in its commitment to fueling the nation’s progress. Our commitment to financing key infrastructure projects echoes our shared vision for a robust and interconnected future.”

Sh. Prasad Gadkari, Executive Director & Chief Strategy Officer, NIIFL said, “The collaboration with REC aligns perfectly with NIIF’s broader strategy to enhance financing and attract private capital into the infrastructure sector. Through this partnership, we aim to develop innovative financial solutions supporting major infrastructure.”

About REC Limited: REC is a ‘Maharatna’ CPSE under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, Green Ammonia projects etc. More 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, Refinery, etc. REC Ltd. provides loans of various maturities to State, Central and Private Companies for 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 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 of 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). REC has also been given the responsibility of Pradhan Mantri Suryodaya Yojana from Central Government. The loan book of REC stands at Rs 4.97 Lakh Crore and Net Worth at Rs. 64,787 crores on 31st Dec 2023.