REC and JNPA Partner to Fund ₹45,000 Crore Infrastructure Projects

Rural Electrification Corporation (REC) Limited has entered into a significant agreement with the Jawaharlal Nehru Port Authority (JNPA) to finance a range of infrastructure projects, including the ambitious development of Vadhavan port. The memorandum of understanding (MoU) commits REC to provide up to ₹45,000 crore in funding to support JNPA's initiatives.

This partnership establishes a collaborative framework, enabling JNPA to leverage REC’s financial backing to implement large-scale infrastructure projects. The agreement was signed by key officials, including Rahul Dwivedi, Executive Director of REC, and Unmesh Wagh, Chairman of JNPA, with Union Minister Sarbananda Sonowal and other senior leaders witnessing the event.

REC, a major public sector infrastructure financier, has a loan portfolio totaling ₹5.30 lakh crore as of June 2024, with a focus on supporting nationwide infrastructure growth. The company’s leadership has signaled a strategic shift towards green energy and infrastructure projects, along with exploring opportunities with global climate funds.

JNPA is leading India’s largest port development effort with the Vadhavan port project in Maharashtra, which is slated to receive an investment of ₹76,220 crore. Once completed, Vadhavan port is expected to rank among the top 10 container-handling ports globally, significantly boosting India's maritime capabilities.

This collaboration between REC and JNPA underscores the growing emphasis on developing critical infrastructure in India, positioning the Vadhavan port project as a key driver of economic growth and global trade expansion.

News by Rahul Yelligetti