New Delhi: REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, and the National Investment and Infrastructure Fund Limited (NIIFL) have signed a Memorandum of Understanding (MoU) to collaborate on funding solutions for Renewable Energy Projects and large-scale infrastructure projects in India.
CMD of REC, Vivek Kumar Dewangan, stated, “REC Limited is committed to empowering India’s growth through strategic financial partnerships, fueling the nation’s progress by financing key infrastructure projects.”
Executive Director & Chief Strategy Officer of NIIFL, Prasad Gadkari, emphasized, “The collaboration with REC is aligned with NIIF’s broader strategy to enhance financing and attract private capital into the infrastructure sector. Through this partnership, we aim to develop innovative financial solutions supporting major infrastructure.”
The MoU was signed by REC’s Executive Director (Finance), Daljeet Singh Khatri, and NIIFL’s Executive Director & Chief Strategy Officer, Prasad Gadkari, in the presence of REC’s CMD, Sh. Vivek Kumar Dewangan, and NIIFL’s CEO and MD, Rajiv Dhar.
REC’s Director (Finance), Ajoy Choudhury; REC’s Director (Projects), V K Singh; NIIFL’s Sr. Principal – Strategic Initiatives and Policy Advisory, K Mukundan, and REC’s Executive Director, Saurabh Rastogi, were also present at the signing.
About REC Limited:
REC, registered as a ‘Maharatna’ CPSE under the Ministry of Power, is recognized by the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC). REC is actively involved in financing the entire spectrum of the Power-Infrastructure sector, including Generation, Transmission, Distribution, Renewable Energy, and emerging technologies such as Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, and Green Ammonia projects.
In recent times, REC has expanded its focus into the Non-Power Infrastructure sector, encompassing Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institutions, Hospitals), Ports, and Electro-Mechanical (E&M) works in various other sectors like Steel and Refinery.
REC Ltd. extends loans of various durations to State, Central, and Private Companies for developing infrastructure assets across the country. It continues to play a pivotal strategic role in the Government’s flagship schemes for the power sector, serving as the nodal agency for initiatives such as Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and the National Electricity Fund (NEF) Scheme. These efforts have led to the strengthening of the last-mile distribution system, achieving 100% village electrification, and household electrification nationwide.
REC has also been entrusted with the responsibility of implementing the Revamped Distribution Sector Scheme (RDSS) as the nodal agency for certain States and Union Territories. Additionally, REC has been assigned the role of overseeing the Pradhan Mantri Suryodaya Yojana by the Central Government.
As of December 31, 2023, REC’s loan book stands at Rs 4.97 Lakh Crore, with a Net Worth of Rs. 64,787 crores.