Connecting Dreams to Reality: REC and BoB Bridge the Infrastructure Gap in India

On January 3, 2024, REC entered into an initial agreement with Bank of Baroda (BoB) to collaboratively extend financial support to power, infrastructure, and logistics projects within India. The memorandum of understanding (MoU) was formalized in the presence of senior representatives from both entities.

This strategic three-year partnership is aimed at fostering economic development and enhancing the accessibility of vital services across the nation. Leveraging REC's expertise in the power sector and the financial strength of BoB, the collaboration seeks to catalyze transformative projects that will bring about positive impacts on communities, fostering socio-economic progress. This alliance marks a significant stride in fortifying financial backing for key sectors, thereby contributing to the advancement and sustainability of critical infrastructure initiatives in the country.

In a parallel development, REC has recently inked another MoU with Rail Vikas Nigam (RVNL), outlining a funding commitment of Rs 35,000 crore for infrastructure projects over the next five years. This underscores REC's commitment to supporting diverse sectors and promoting sustained growth in India's infrastructure landscape.

News by Rahul Yelligetti