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The state-owned REC Ltd signed a memorandum of understanding with the Bank of Baroda to jointly offer loans for power, infrastructure and logistics projects for a duration of three years, the power ministry said in a statement.
The MoU was signed on January 3, 2024.
“By pooling resources and expertise, both entities endeavor to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide,” the government said.
The MoU was signed in the presence of the Chairperson and Managing Director (CMD), REC, Vivek Kumar Dewangan and Managing Director & CEO, Bank of Baroda, Debadatta Chand along with Executive Director, Bank of Baroda, Lalit Tyagi.
Dewangan said, ‘By harnessing synergies between REC’s expertise in the power sector and Bank of Baroda’s financial prowess, we aim to catalyze transformative projects that will positively impact communities and drive socio-economic progress.”
‘With the Indian economy on a strong growth path, we will see a rise in capital expenditure and private investment and an increasing need for collaborative and innovative financing structures,” said Chand.
