New Delhi: REC Limited on Tuesday said that it has signed a significant Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA) to provide financial assistance of Rs 1 lakh crore for infrastructure development across the Mumbai Metropolitan Region (MMR).
The MoU was formally signed at the India Global Forum (IGF) Mumbai NXT 25 event, held at the Jio Convention Centre in Mumbai. REC Limited's Director (Finance) Harsh Baweja, and MMRDA Financial Advisor Dr Ankush R Nawale signed the agreement in the presence of Maharashtra's Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde. Other dignitaries present included MMRDA's Metropolitan Commissioner Dr Sanjay Mukherjee (IAS); MMRDA's Additional Metropolitan Commissioner Vikram Kumar (IAS); REC Limited's Executive Director Rahul Dwivedi (IAS) and senior officials from both organisations.
As per the MoU, REC Limited will extend financial support over the next five years to a wide spectrum of infrastructure initiatives in MMR, including projects focused on urban mobility, housing, and critical infrastructure upgrades. The strategic collaboration is aimed at accelerating the development of a modern, efficient, and sustainable urban ecosystem in one of India’s most dynamic regions.
Commenting on the development, Baweja said, “Our Rs 1 lakh crore commitment reflects our strong dedication to supporting large-scale infrastructure projects that will significantly improve the living standards for the people of Mumbai Metropolitan Region.”
While Dwivedi added, “We are excited to partner with MMRDA in this transformative initiative. This collaboration marks a significant step in REC’s journey toward empowering infrastructure growth and urban transformation.”
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