REC will finance RailTel projects, MoU signed
Gurugram: REC Limited has signed an MoU with RailTel on Thursday to explore the possibility to fund Rs 30,000 crore to the infrastructure projects executed by RailTel over the next 5 years. These projects encompass a wide range of areas, including data centre products and services, telecom, IT products and services, railways and metro projects, and the Kavach train collision prevention system.
Additionally, the MoU extends to the possibility of financing overseas ventures related to high-speed rail, metro, IT network, and the upgradation of railway network, as part of bilateral country discussions and infrastructure projects in Southeast Asia and Eastern Africa where RailTel is currently focusing, said the official press release.
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T.S.C Bosh, Executive Director (Infra and Logistics), REC, Jasmeet Singh Marwah, Company Secretary, RailTel signed the MoU in the presence of V.K Dewangan, CMD, REC Sanjai Kumar, CMD, RailTel, Ajoy Choudhary, Director Finance, REC, V K Singh, Director Projects, REC, Manoj Tandon, Director/Project, Operation and Maintenance, RailTel Anshul Gupta, Advisor/RailTel and other senior officials from REC and RailTel.
Post the MoU signing, opportunities for collaboration was discussed in detail and they agreed upon exploring new areas of renewable energy, smart metering, and where RailTel and REC (through its wholly owned subsidiary RECPDCL) can join hands.
REC Limited, a Maharatna CPSE established in 1969, under Ministry of Power, provides long term loans and other finance products for Power-Infrastructure sector comprising of generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, green hydrogen. More recently REC has also diversified into the non-power.
RailTel a Mini Ratna, CPSE, under Ministry of Railways, is one of the largest neutral telecom infrastructure and ICT Solutions and services providers in the country, owning a Pan-India optic fibre network covering several towns and cities and rural areas of the country.
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