REC signs MoU with Govt. of Rajasthan for Rs. 3 Lac Crore

Delhi : REC Limited, a Maharatna CPSU under Ministry of Power and a leading NBFC, has signed MoU with Govt of Rajasthan, Department of Finance during the “Rising Rajasthan Investors meet” today. As per MoU, REC will provide Rs. 50,000 Crore annually (increase from Rs. 20,000 Crore) to finance projects across power and non-power infrastructure for a period of six years upto 2030 i.e. total value of MoU is Rs. 3.00 lac cr.  

The MoU was signed in the presence of Hon’ble Chief Minister, Govt of Rajasthan, Shri Bhajan Lal Sharma; Col Rajyavardhan Rathore, Minister for Industries & commerce, GoR; Sri Sudhansh Pant, Chief Secretary, GoR. The MoU was exchanged by Shri Rahul Dwivedi, ED (PMD and I&L) REC and Shri Debasish Prusty, Secretary to GoR.

On 10th March 2024, MoU was signed in Jaipur between REC and Govt of Rajasthan to finance Rs. 20,000 Crore annually till 2030. Today’s MoU is update of the same.

With this MoU, there is expected to be a rapid increase in projects in Rajasthan related to the state’s infrastructure sector, such as power projects, metros, roads & highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects. This collaboration underscores REC’s commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state’s economic growth and prosperity.

About REC LIMITED

REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) 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, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited 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 Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited 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 PM Surya Ghar Muft Bijli Yojna from Central Government. The loan book of REC stands at ₹ 5.30 lakh crore and Net Worth at Rs. ₹ 72,351 crore as on 30^th June, 2024.