REC Limited and Bank of India Unite to Fund Rs. 30,000 Crore Projects
REC Limited has signed a Memorandum of Understanding (MoU) with Bank of India (BoI) to jointly fund Power and Infrastructure projects. The two organizations will co-finance loans worth Rs. 30,000 crore for projects that can be implemented within 5 years.
The MoU was signed on 18th October 2023, by Shri T.S.C. Bosh, Executive Director (Infra & Logistics) from REC and Shri Nitin G. Deshpande, CGM from BoI, in the presence of Shri Vivek Kumar Dewangan, CMD, REC, Shri Rajneesh Karnatak, MD & CEO, BoI, Shri Ajoy Choudhury, Director (Finance), REC, and other senior officials from both organizations.
REC Limited is a Maharatna CPSE established in 1969 under the Ministry of Power. It provides long-term loans and other financial products for the Power-Infrastructure sector, including 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, as of the end of the first quarter of the current financial year. Bank of India, a Public Sector Bank, finances infrastructure projects across the country and has 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 nationalized banks and has a Global Gross Business of over Rs. 12.14 Lakh Crore