The loan book of REC exceeds Rs4,54,393 cr
FinTech BizNews Service
Mumbai, 19 October 2023: Bank of India (BOI) signed an MoU with REC Limited to jointly explore the possibilities of funding projects in sectors such as power, infrastructure and logistics under a consortium arrangement. BOI and REC will join hands to co-finance loans amounting to Rs30,000/- crore over the next few years.
T.S.C. Bosh, Executive Director (Infra & Logistics), REC and Nitin Deshpande, CGM (Corporate Credit), BOI signed the MoU in the presence of Vivek Kumar Dewangan, IAS, CMD, REC and Rajneesh Karnatak, MD & CEO, BOI. Ajoy Choudhury Director (Finance), REC and other senior officials from REC and BOI were also present during the meet.
REC, a 12th Maharatna CPSE established in 1969, under the Ministry of Power, provides long-term loans and other finance products for the power infrastructure segments comprising generation, transmission, distribution, renewable energy and new technologies such as electric vehicles, battery storage, green hydrogen, etc. Recently, REC has diversified into the non-power infrastructure segment comprising roads & expressways, metro rail, airports, IT communication, social & commercial infrastructure (educational institutions, hospitals), ports and electro-mechanical works related to various other sectors such as steel, refinery, etc. The loan book of REC exceeds Rs4,54,393 crore.
