REC Ltd Partners with JNPA for Rs 45,000 Crore Infrastructure Financing

State-owned REC Ltd has signed an MoU to provide up to Rs 45,000 crore financing for various Jawaharlal Nehru Port Authority (JNPA) projects. This agreement establishes a framework for cooperation between REC and JNPA, encompassing the development of Vadhavan Port and other infrastructure projects.

State-owned REC Ltd announced on Sunday that it has entered into an initial agreement to provide up to Rs 45,000 crore in financing for various projects under the Jawaharlal Nehru Port Authority (JNPA).

Under the Ministry of Power, REC Ltd, a leading non-banking financial company (NBFC), has signed a Memorandum of Understanding (MoU) with JNPA. This partnership is aimed at funding several upcoming JNPA projects, including the development of Vadhavan Port, according to a company statement. REC Executive Director Rahul Dwivedi, along with JNPA Chairman Unmesh Sharad Wagh, formalized the agreement. The MoU signing witnessed the presence of Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal.

The agreement is designed to create a cooperative framework between JNPA and REC. In this framework, JNPA will implement the infrastructure projects within its domain of expertise, while REC will provide the necessary financial support, the statement added.

(With inputs from agencies.)