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REC Ltd & Bank of Baroda sign MoU to finance power, infrastructure and logistics projects

REC Ltd & Bank of Baroda sign MoU to finance power, infrastructure and logistics projects

| @indiablooms | 06 Jan 2024, 02:58 am

New Delhi:  REC Limited, a Maharatna CPSE under the Ministry of Power, signed a Memorandum of Understanding (MoU) with public sector lender Bank of Baroda, on Friday.

This agreement will facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years, according to a press release.

Commenting on this momentous collaboration, REC Limited Chairman and Managing Director, Vivek Kumar Dewangan said, “By harnessing synergies between REC's expertise in the power sector and Bank of Baroda's financial prowess, we aim to catalyze transformative projects that will positively impact communities and drive socio-economic progress."

Bank of Baroda Managing Director & CEO Debadatta Chand said, “This MoU will enable Bank of Baroda and REC to jointly finance Power (including renewable power), Infrastructure and Logistics projects. With the Indian economy on a strong growth path, we will see a rise in capital expenditure and private investment and an increasing need for collaborative and innovative financing structures.”

Recognising the pressing need to fortify these critical domains, REC Limited and Bank of Baroda unite with a shared vision of advancing sustainable growth and bolstering the nation's infrastructural backbone.

By pooling resources and expertise, both entities endeavour to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide.

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