REC Signs MoU with JNPA for Financing Projects Worth INR 45,000 Crore
The funds will be utilised for upcoming projects by Jawaharlal Nehru Port Authority including the development of Vadhavan Port.
August 26, 2024. By News Bureau
For the uninitiated, JNPA is an undertaking of the Government of India and is a premier container handling port, accounting for around 50 percent of the total containerized cargo volume, across the major ports of India.
Rahul Dwivedi, Executive Director, REC signed the MoU with Unmesh Sharad Wagh, Chairman, JNPA. The MoU was signed in the presence of Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways. Sanjay Sethi, Additional Chief Secretary (Transport and Ports), Government of Maharashtra and other senior officials from REC & JNPA were also present.
“This MoU is to establish a framework for cooperation between JNPA and REC whereby JNPA implements projects in the infrastructure sector of its expertise and REC shall provide the required funds,” noted a statement issued by REC.
REC is registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC) and provides loans of various maturities to state, central and private companies for the creation of infrastructure assets in the country.
According to the statement, 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 has also diversified into the non-power infrastructure sector comprising roads and expressways, metro rail, airports, IT communication, social and commercial infrastructure (educational institution, hospitals), ports and electro-mechanical works in respect of various other sectors like steel, refinery, etc.,” highlighted the statement.
The loan book of REC stands at INR 5.30 lakh crore and net worth at INR 72,351 crore as on June 30, 2024.
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