REC, a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with Bank of Baroda today. The agreement will facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years, Bank of Baroda notified in a statement.
Commenting on the collaboration, Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC, said in the statement, “This landmark agreement signifies a collaborative effort to accelerate the realisation of pivotal projects crucial to the nation’s progress. This partnership marks a significant stride in our commitment to fostering inclusive development. By harnessing synergies between REC’s expertise in the power sector and Bank of Baroda’s financial prowess, we aim to catalyse transformative projects that will positively impact communities and drive socio-economic progress.”
Apart from Dewangan, others present during the signing of the MoU were Debadatta Chand, Managing Director and CEO, Bank of Baroda, and Lalit Tyagi, Executive Director, Bank of Baroda, said the statement.
Debadatta Chand, Managing Director and CEO, Bank of Baroda, also said in the statement, “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.”
