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Rural Electrification Corporation (REC) Limited has signed a memorandum of understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to finance various infrastructure projects, including the development of the Vadhavan port. Under the MoU, REC will provide up to ?45,000 crore in funding for JNPA’s initiatives.
The MoU aims to establish a framework for collaboration, allowing JNPA to implement projects within its infrastructure expertise with the support of REC. The agreement was formalized by Rahul Dwivedi, Executive Director of REC, and Unmesh Wagh, Chairman of JNPA, with Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, also in attendance. Sanjay Sethi, Additional Chief Secretary for Transport and Ports, Government of Maharashtra, and other senior officials from both organizations were present for the signing.
REC, a public sector non-banking financial company and infrastructure financing firm, offers loans to various entities for building infrastructure across the country. As of June 30, 2024, RECs loan book totals ?5.30 lakh crore, with a net worth of ?72,351 crore.
V K Dewangan, Chairman and Managing Director of REC, recently indicated that the company plans to shift its focus towards green energy projects and infrastructure segments, while also exploring global climate funds.
JNPA is spearheading India’s largest port development project, the Vadhavan port, with an investment of ?76,220 crore in Maharashtra. The Vadhavan port is expected to become one of the world’s top 10 container-handling ports once completed, according to the Ministry of Ports, Shipping, and Waterways. |
