REC Signs MoU with PNB to Co-Finance Power and Infra Project Debts
REC and PNB will associate with each other to co-finance loans amounting to INR 55,000 crores over the next three years.
September 29, 2023. By Anurima Mondal
REC Executive Director (Infra & Logistics) T.S.C Bosh, and CGM (Corporate Credit Division), PNB Rajeeva signed the MoU in Gurugram in the presence of REC Director Finance Ajoy Choudhary REC Director (Projects) V K Singh and other senior officials from REC and PNB.
Established in 1969, REC provides long-term loans and other finance products for power sector, comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage and green hydrogen. Recently, REC has also diversified into the non-power Infrastructure sector in respect of various other sectors like steel and refinery. The loan book of REC exceeds INR 4,54,393 crore.
Punjab National Bank (PNB) is a public sector bank and is involved in banking business across the country with worldwide presence including in the funding of infrastructure projects.
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