REC, PNB jointly to fund infrastructure projects

New Delhi: Maharatna Power PSU REC Limited on Tuesday said that it has signed an MoU with Punjab National Bank (PNB) to jointly explore the possibility to fund the power sector and infrastructure & logistics sector projects under the consortium arrangement. "REC and PNB will associate with each other to co-finance loans amounting to Rs 55,000 crore over next three years," the power PSU said in an official statement.

The MoU has been signed by REC's Executive Director (Infra & Logistics) TSC Bosh and PNB's CGM (Corp. Credit Division) Rajeeva in the presence of REC's Director (Finance) Ajoy Choudhary, Director (Projects) VK Singh and other senior officials from REC and PNB.

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