REC signs MoU with Bank of India, to co-finance Power and Infrastructure Projects amounting to Rs. 30,000 Cr
Gurugram, 18th October 2023: REC Limited signed an MoU with Bank of India (BoI) on Wednesday to explore the possibility of funding the Power Sector and Infrastructure & Logistics Sector projects under the consortium arrangement. REC and BoI will partner to co-finance loans amounting to Rs. 30,000/- crore for projects implementable in 5 years.
Shri T.S.C. Bosh, Executive Director (Infra & Logistics), REC and Shri Nitin G. Deshpande, CGM, BoI signed the MoU in the presence of Shri Vivek Kumar Dewangan, CMD, REC, Shri Rajneesh Karnatak, MD & CEO, BoI, Shri Ajoy Choudhury, Director (Finance), REC and other senior officials from REC and BoI.
REC Limited, a Maharatna CPSE established in 1969, under the Ministry of Power, provides long-term loans and other finance products for the Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. REC has also diversified into the core infrastructure sector comprising Roads, Metro, Airports, IT, Ports, etc. The Loan Book of REC stands at Rs 4.54 Lakh Crore, ending first quarter of current financial year.
Bank of India is a Public Sector Bank and doing banking Business including funding infrastructure projects across the country with a worldwide presence. Founded in 1906, BoI has made rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalized banks and has a Global Gross Business of over Rs. 12.14 Lakh Crore.