REC signs MoU with BoI to co-finance Power and Infrastructure Projects

By IndianMandarins- 20 Oct 2023


Gurugram (20.10.2023): REC Ltd signed an MoU with Bank of India (BoI) to explore the possibility of funding Power Sector and Infrastructure & Logistics Sector projects under the consortium arrangement. REC and BoI will partner to co-finance loans amounting to Rs. 30,000 crore for projects implementable in five years.

T S C Bosh, Executive Director (Infra & Logistics), REC and Nitin G Deshpande, CGM, BoI signed the MoU in the presence of 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 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 etc. REC has also diversified into the core infrastructure sector comprising Roads, Metro, Airports, IT, Ports, etc. The Loan Book of REC stands at Rs 4.54 Lakh Crore, ending first quarter of current financial year.

Bank of India is a Public Sector Bank and doing banking Business including 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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