New Delhi, (January 3, 2024) – In a strategic alignment to propel economic growth, REC Limited, a Maharatna CPSE under the Ministry of Power, Govt. of India, and Bank of Baroda, a prominent public sector bank, inked a Memorandum of Understanding (MoU) today. This transformative agreement establishes a collaborative framework for joint loan disbursements aimed at financing Power, Infrastructure, and Logistics projects across India over the ensuing three years.
The signing ceremony, attended by luminaries such as Shri Vivek Kumar Dewangan, IAS, Chairman and Managing Director (CMD) of REC Limited, Shri Debadatta Chand, Managing Director & CEO of Bank of Baroda, and Shri Lalit Tyagi, Executive Director of Bank of Baroda, underscores a significant stride towards inclusive development. Mr. Dewangan remarked, “This landmark agreement signifies a collaborative effort to expedite pivotal projects crucial for the nation’s progress, leveraging synergies between REC’s power sector expertise and Bank of Baroda’s financial prowess.”
Shri Debadatta Chand, Managing Director & CEO, of Bank of Baroda, emphasized, “This MoU positions Bank of Baroda and REC as collaborative financiers for Power, Infrastructure, and Logistics projects. With the Indian economy poised for robust growth, the collaboration addresses the escalating need for collaborative and innovative financing structures to meet the rising capital expenditure and private investment demands.”
Recognizing the urgency to fortify critical domains, REC Limited and Bank of Baroda unite with a shared vision of advancing sustainable growth and strengthening the nation’s infrastructural backbone. By pooling resources and expertise, both entities strive to champion transformative initiatives that invigorate economic development, fostering accessibility to essential services nationwide. This alliance symbolizes a commitment to driving socio-economic progress through strategic and impactful projects.
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