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Gurugram: REC Limited signed a Memorandum of Understanding (MoU) with Bank of India (BoI) on October 18 to explore the possibility of funding the power sector, infrastructure and logistics sector projects under the consortium arrangement. REC and BoI will partner to co-finance loans worth 30,000 crore for the projects which will be implemented in 5 years.
T.S.C. Bosh, Executive Director (Infra & Logistics), REC and Nitin G. Deshpande, CGM, BoI signed the MoU in the presence of Shri Vivek Kumar Dewangan, CMD, REC, Rajneesh Karnatak, MD & CEO, BoI, Ajoy Choudhury, Director (Finance), REC and other senior officials from REC and BoI.
REC Limited, a Maharatna CPSE established in 1969, under the Ministry of Power, provides long-term loans and other finance products for the power-infrastructure sector comprising of generation, transmission, distribution, renewable energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen.
REC has also diversified into the core infrastructure sector comprising roads, metro, airports, IT, ports. The Loan Book of REC stands at Rs 4.54 lakh crore, at the end of first quarter of current financial year.
Bank of India is a public sector bank and do banking business which includes funding infrastructure projects across the country with a worldwide presence. Founded in 1906, BoI has made rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the bank occupies a premier position among the nationalized banks and has a global gross business of over Rs 12.14 lakh crore.
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