REC Limited Sets Rs. 20,000 Crore Annual Financing Plan for Rajasthan’s Power & Infrastructure Over Next Six Years

In a significant move towards enhancing infrastructure development in Rajasthan, REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, has entered into a Memorandum of Understanding (MoU) with the Government of Rajasthan. This strategic partnership, announced on March 10, 2024, in Jaipur, positions REC Limited to finance a broad array of projects in both power and non-power sectors, pledging loans up to Rs 20,000 crores annually over the next six years.

The collaboration targets a wide spectrum of infrastructure projects, including power generation, transportation networks such as metros, roads, and highways, as well as airports, IT and telecom infrastructure, and sectors vital for state development like health, tourism, agriculture, and more. This initiative is expected to significantly propel the state’s economic growth and infrastructure expansion, aligning with Rajasthan’s ambition for a comprehensive development framework.

The MoU signing event was graced by a host of dignitaries, including Rajasthan’s Chief Minister Shri Bhajan Lal Sharma, Deputy Chief Minister Smt. Diya Kumari, and several other high-profile officials from the state and central government, alongside key figures from REC and other Central Public Sector Undertakings (CPSUs).

REC’s Chairman and Managing Director, Shri Vivek Kumar Dewangan, emphasized the company’s commitment to fostering sustainable growth in Rajasthan through this partnership, addressing both energy and infrastructure needs. The occasion also marked the signing of additional MoUs worth Rs. 1.6 lakh crores with the Government of Rajasthan by CPSUs under the Ministry of Power and Coal, underscoring a substantial investment towards boosting the region’s infrastructure and economic prosperity.

REC Limited, known for its comprehensive support in the power infrastructure sector, including renewable energy and emerging technologies, has now broadened its horizon to include financing for a variety of non-power infrastructure projects, marking a pivotal step in its commitment to nation-building and infrastructure development across India.