REC Limited signed an MoU with Punjab National Bank (PNB) on Tuesday to jointly explore the possibility to fund the Power Sector and Infrastructure & Logistics Sector projects under the consortium arrangement. REC and PNB will associate with each other to co-finance loans amounting to Rs. 55,000/- crore over next three years.
Shri T.S.C Bosh, Executive Director (Infra & Logistics), REC and Shri Rajeeva, CGM (Corp. Credit Division), PNB signed the MoU in the presence of Shri Ajoy Choudhary, Director Finance, REC; Shri V K Singh, Director (Projects), REC and other senior officials from REC and PNB.
REC Limited, a Maharatna CPSE established in 1969, under Ministry of Power, provides long term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Green Hydrogen etc. More recently REC has also diversified into the Non-Power Infrastructure sector comprising of Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. The loan book of REC exceeds Rs 4,54,393 Crore.
Punjab National Bank (PNB), is a Public Sector Bank and doing banking Business across the Country with worldwide presence including funding the infrastructure Projects. Founded in 1894, PNB is one of the largest Public Sector Banks (PSB) in the country with Global Gross Business at ₹ 22,14,741 Crore.
