REC inks pact with RailTel to finance KAVACH, other infra projects

New Delhi, Nov 9 (PTI) REC Limited signed an agreement with RailTel on Thursday to fund KAVACH Train Collision Prevention System along with many other infrastructure projects in the field of telecom, IT and rail signalling.

'These projects encompass a wide range of areas, including Data Centre products and services, Telecom & IT products and services, Railways & Metro projects, and the KAVACH Train Collision Prevention System,' a statement from RailTel said, adding, that it will fund up to Rs 30,000 crore over the next five years.

According to RailTel, the Memorandum of Understanding (MoU) also 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.

The MoU was signed by TSC Bosh, Executive Director (Infra & Logistics), REC and Jasmeet Singh Marwah, Company Secretary, RailTel in the presence of V K Dewangan, CMD, REC.

Other senior officers who were present on the occasion were Sanjai Kumar, CMD, RailTel; Ajoy Choudhary, Director Finance, REC; V K Singh, Director Projects, REC; Manoj Tandon, Director/Project, Operation & Maintenance, RailTel; and Anshul Gupta, Advisor/RailTel.

'Post the MoU signing, they also discussed opportunities for collaboration in detail and agreed upon exploring new areas of renewable energy, smart metering as well where RailTel and REC (through its wholly owned subsidiary RECPDCL) can join hands,' the RailTel said.

The REC Limited, a Maharatna CPSE established in 1969, under the Ministry of Power, provides long-term loans and other finance products for power-infrastructure sector.

RailTel, a 'Mini Ratna (Category-I)' Central Public Sector Enterprise under Ministry of Railways, is one of the largest neutral telecom infrastructure & ICT Solutions & Services providers in the country. PTI JP CK