New Delhi: REC Limited, a Navratna PSU under the Ministry of Power, has committed to provide financial assistance of Rs 23.52 crore to Shri Kedarnath Utthan Charitable Trust (SKUCT). The financial assistance will be made through REC Limited's CSR arm, REC Foundation.
According to the company, the funds will be used for the construction of a hospital near the Garhwal Mandal Vikas Nigam building.
The money will also be used for developing water supply network, stormwater network, solid waste network, CCTV network system, transformer, etc. in between Saraswati edge and Temple Street.
In this regard, a memorandum of agreement (MoA) has been signed between REC Foundation and SKUCT in the national capital on July 6.
In June, another power PSU, Power Finance Corporation (PFC), had signed an MoA with SKUCT for the reconstruction and restoration of Kedarnath town and its surrounding areas. Under this agreement, PFC had committed to providing financial assistance of about Rs 25.97 crore to the trust.
REC Limited (formerly Rural Electrification Corporation Limited) is a Navratna NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance across the power sector value chain. Apart from this, REC is also the nodal agency for the government's flagship schemes in the power sector like Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY), Saubhagya etc
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