REC, RVNL sign ₹35,000 crores agreement for Multi-Modal Transport Infrastructure Projects

Anushka Khare Posted on: 2024-01-03 12:15:00 Viewer: 2,067 Comments: 0 Country: India City: New Delhi

REC, RVNL sign ₹35,000 crores agreement for Multi-Modal Transport Infrastructure Projects

New Delhi, India (Urban Transport News): REC Limited, a prominent Maharatna CPSE established in 1969 under the Ministry of Power, has officially inked a Memorandum of Understanding (MoU) with Rail Vikas Nigam Limited (RVNL). The MoU outlines a financial commitment of up to Rs. 35,000 Crores to support Infrastructure Projects to be executed by RVNL over the next five years. This strategic collaboration encompasses a spectrum of projects, including multi-modal logistics hubs, rail infrastructure, and ventures into road, port, and metro domains where RVNL has expanded its presence.

MoU Signing Ceremony

The MoU was formalized through the signatures of Ajoy Choudhury, Director (Finance) at REC, and Rajesh Prasad, Director (Operations) at RVNL. The signing ceremony took place in the esteemed presence of V.K Dewangan, CMD at REC, Sanjeeb Kumar, Director (Finance) at RVNL, Smt. Anupam Ban, DPE at RVNL, along with other senior officials from both organizations.

REC Limited's Diverse Portfolio

Established as a Maharatna CPSE, REC Limited operates under the Ministry of Power and specializes in providing long-term loans and various financial products for the power infrastructure sector. This sector includes Generation, Transmission, Distribution, Renewable Energy, and cutting-edge technologies such as Electric Vehicles, Battery Storage, and Green Hydrogen. Recently, REC Limited has extended its reach into the Non-Power Infrastructure sector, covering Roads, Expressways, Metro Rail, Airports, IT Communication, Social, and Commercial Infrastructure (Educational Institutions, Hospitals), Ports, and Electro-Mechanical (E&M) works for various sectors like Steel and Refinery. The formidable loan book of REC currently exceeds Rs 4,74,275 Crore.

RVNL's Role in Indian Infrastructure

RVNL, a distinguished "Schedule ‘A’ Navratna" Central Public Sector Enterprise under the Ministry of Railways, fulfills approximately 30% of the infrastructure requirements of Indian Railways. Recognized for pioneering large-scale infrastructure projects under the PPP model, RVNL primarily focuses on Railway projects. Additionally, it has diversified its portfolio with ventures into road, port, irrigation, and metro projects, many of which exhibit interconnectedness with Railway infrastructure in various capacities.

Paving the Way for Comprehensive Development

The collaborative effort between REC Limited and Rail Vikas Nigam Limited marks a significant step toward bolstering India's infrastructure landscape. With a substantial financial commitment of Rs. 35,000 Crores over the next five years, the partnership aims to catalyze multi-modal projects, enhancing connectivity and contributing to the country's economic growth. This synergistic collaboration between a key player in power infrastructure and a stalwart in railway projects sets the stage for a holistic approach to infrastructure development, ushering in a new era of progress and connectivity.

Also Read

Leave Your Comment!

Recent Comments!

No comments found...!