Bank of India (BOI) inked an MoU with REC Limited to collaboratively investigate the potential for financing projects in industries including power, infrastructure, and logistics under a consortium arrangement. Over the next few years, BOI and REC will work together to co-finance loans totaling Rs 30,000 crore.
In the presence of Shri Vivek Kumar Dewangan, IAS, CMD, REC, and Shri Rajneesh Karnatak, MD & CEO, BOI, esteemed members Shri T.S.C. Bosh, Executive Director (Infra & Logistics), REC, and Shri Nitin G. Deshpande, CGM (Corporate Credit), BOI signed the Memorandum of Understanding. Senior representatives from BOI and REC, as well as Director of Finance Shri Ajoy Choudhury, were also present at the meeting.
Under the Ministry of Power, REC Limited, 12th Maharatna CPSE founded in 1969, offers long-term loans and other finance products for the Power Infrastructure segments, which include Generation, Transmission, Distribution, Renewable Energy, and New Technologies like Green Hydrogen, Electric Vehicles, and Battery Storage.
In recent times, REC has expanded its business to include Non-Power Infrastructure, which includes transportation infrastructure such as roads and motorways, metro rail, airports, IT communication, social and commercial infrastructure (hospitals, educational institutions), ports, and electro-mechanical works associated with different industries like steel and refineries. REC has more than Rs 4,54,393 crore in loans on file.
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