Mumbai – REC Limited, a Maharatna CPSU under the Ministry of Power and a prominent NBFC, has entered into a Memorandum of Understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA) to provide financial support of ₹1 lakh crore for infrastructure development in the Mumbai Metropolitan Region (MMR). The agreement was formally signed by Shri. Harsh Baweja,Director (Finance), REC Limited and Dr. Ankush R Nawale, Financial Advisor MMRDA, at the India Global Forum (IGF) Mumbai NXT 25 event at the Jio Convention Centre, Mumbai, in the presence of Maharashtra’s Hon’ble Chief Minister, Shri Devendra Fadnavis; Hon’ble Deputy Chief Minister, Shri Eknath Shinde; Dr. Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA; Shri Vikram Kumar, IAS, Additional Metropolitan Commissioner, MMRDA; Shri Rahul Dwivedi, IAS, Executive Director, REC and senior officials of REC and MMRDA.
The MoU outlines REC Limited’s commitment to financing a wide array of infrastructure projects in the MMR, focusing on urban mobility, housing, and essential infrastructure. The funding will be disbursed over the next five years, ensuring steady progress in modernizing and enhancing the region’s infrastructure.
On this milestone, Shri Harsh Baweja, Director (Finance) said, “Our ₹1 lakh crore commitment reflects our strong dedication to supporting large-scale infrastructure projects that will significantly improve the living standards for the people of Mumbai Metropolitan Region.” Further on this occasion, Shri Rahul Dwivedi, IAS, Executive Director (I&L), REC Limited said, “We are excited to partner with MMRDA in this transformative initiative.”
This collaboration underscores REC Limited’s vital role in financing and driving infrastructure development across India, furthering its mission to contribute to the nation’s growth and progress.
About REC LIMITED
REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.
REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government. The Loan Book of REC stands at ₹5.65 lakh crore, Market capitalization at ₹1,31,844 crore and Net Worth at ₹76,502 crores as on 31 Dec 2024.
