REC’s Dedication as a Collaborative Partner in the Aatmanirbhar Bharat Initiative – Statement by CMD REC
New Delhi: REC Limited recently organised an insightful workshop on ‘Customised Debt-Financing for Commercial Mining & MDOs’ at Hotel Oberoi, New Delhi.
The workshop aimed to explore innovative financing solutions for the coal mining sector and was attended by key stakeholders from the industry. The event was graced by distinguished dignitaries, including Shri Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC Limited, Shri Amrit Lal Meena, IAS, Secretary, Ministry of Coal, Sh Mukesh Choudhary, Director (Marketing), Coal India Limited, and other eminent dignitaries from both the industry and government sectors.
During his address, Shri Vivek Kumar Dewangan spoke about the pivotal role of the mining industry in India’s economic progress. He highlighted the need for customized debt financing solutions to support the government’s focus on ‘Aatmanirbhar Bharat’ and ‘Make in India.’ He further added that REC is committed to being a partner in this journey. Shri Amrit Lal Meena, Secretary (Coal), expressed his appreciation for REC Limited’s insightful workshop and advised banks and non-banking financial companies to find suitable and appropriate solutions while working on the proposals placed before the Ministry regarding credit availability for commercial coal mines.
He also emphasised the importance of efficiently closing coal mines once they reach the end of their operational life and rejuvenating such exhausted mines for sustainable endeavors like Pumped Storage facilities, Solar Parks, etc. The Additional Secretary Shri Nagaraju commended REC’s initiative and stressed the importance of fostering an environment-friendly approach in mining. He highlighted that the coal sector is here to stay for meeting base load demands. Shri. Mukesh Choudhary, Director (Marketing), Coal India Ltd., urged financial institutions to come forward and support the developmental works in the sector.
He also spoke about the role of Mining and Mine Developers in their contribution towards the development of the nation. The agenda of the workshop was structured to offer a comprehensive understanding of customized debt-financing solutions and as a platform to share knowledge and explore innovative ways of financing that can further drive the growth and development of this crucial sector.
The workshop also featured presentations from REC and the mining agencies, highlighting their unique perspectives on financing challenges and opportunities within the mining sector, from both the lenders and borrowers’ perspective. This was followed by an open forum discussion, addressing the queries of mining developers. Shri. Ajoy Choudhury, Director (Finance), REC Ltd., and Shri. V K Singh, Director (Projects), REC Ltd., addressed the queries raised by the mining developers and highlighted the financial solutions provided by REC Limited.
