In a development, REC Ltd (formerly known as Rural Electrification Corporation Limited) and Punjab National Bank (PNB) have recently announced an agreement to jointly finance projects in the power, infrastructure, and logistics sectors. According to the RECs statement, this collaboration aims to provide funding of Rs 55,000 crore through loans.
Officials from both organizations attended the signing ceremony of the Memorandum of Understanding (MoU). TSC Bosh, Executive Director (Infra & Logistics) at REC, and Rajeeva, Chief General Manager at PNB, officially sealed this partnership.
REC Ltd operates under the Ministry of Power and plays a role in facilitating long-term loans and financial solutions for the power infrastructure sector. This sector includes aspects such as power generation, transmission, distribution, and renewable energy initiatives. With assets exceeding Rs 4,54,393 crore and extensive involvement in India’s power and infrastructure landscape, REC holds a loan book.
The collaboration between REC and PNB is expected to bring about changes in the financing landscape for projects within these sectors. Through an effort, both organizations will invest resources to drive progress in these specific areas. The goal is to stimulate infrastructure development, strengthen the power sector, and improve capabilities. Ultimately, these efforts aim to contribute to the growth and advancement of the nation.
This partnership highlights the dedication of REC Ltd and Punjab National Bank towards supporting sectors that play a role in advancing India’s development agenda.