REC Pledges Rs 20,000 Crore for Rajasthan Infrastructure

The agreement entails financing projects in both power and non-power infrastructure sectors.

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Rajasthan, REC Limited, power, non-power infrastructure, power, metro, roads, airports, IT, oil refinery, steel, ports, waterways, telecom, healthcare, tourism, agriculture

In a significant move to bolster infrastructure development in Rajasthan, REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has inked a MoU with the Rajasthan government. The agreement, finalized on March 10, entails financing projects in both power and non-power infrastructure sectors, with an annual investment commitment of up to ₹20,000 crore for six years until 2030.

The MoU ceremony saw the presence of dignitaries such as Rajasthan Chief Minister Bhajan Lal Sharma, Deputy Chief Minister Diya Kumari, and State Minister Heera Lal Naagar, along with senior officials from central and state governments and CMDs from prominent PSUs like NTPC, Powergrid, and NLC India.

REC Limited will extend loans of up to ₹20,000 crore annually over the next six years to various departments, undertakings, institutions, and schemes of the Rajasthan government, fostering rapid progress in infrastructure projects spanning power, metro, roads, airports, IT, oil refinery, steel, ports, waterways, telecom, healthcare, tourism, agriculture, and other sectors.

Furthermore, MoUs worth ₹1.6 lakh crore were signed by CPSUs under the Ministries of Power and Coal, underscoring a firm commitment to advancing infrastructure development and economic growth in Rajasthan. REC, a ‘Maharatna’ CPSE and recognized NBFC and IFC by the RBI, boasts a vast portfolio in power infrastructure financing and has recently diversified into non-power sectors, playing a crucial role in India’s infrastructure growth.