REC Partners with MMRDA for Rs 1 Lakh Crore Infrastructure Boost

REC and MMRDA have inked a deal for Rs 1 lakh crore to finance various infrastructure projects in Mumbai. This collaboration aims to boost urban mobility, housing, and essential infrastructure over five years, significantly improving the local living standards.

On Tuesday, state-owned REC signed a significant agreement with the Mumbai Metropolitan Region Development Authority (MMRDA) to provide Rs 1 lakh crore in funding for critical infrastructure projects across the metropolitan region.

The memorandum of understanding (MoU) was formalized by REC's Director of Finance, Harsh Baweja, alongside MMRDA's Financial Advisor, Ankush R Nawale, during the India Global Forum in Mumbai and witnessed by Maharashtra's Chief Minister, Devendra Fadnavis.

This major financial commitment aims to enhance urban mobility, housing, and vital infrastructure over the next five years, reflecting REC's dedication to transformative projects under the Ministry of Power, including power infrastructure, renewable energy initiatives, and emerging technologies.

(With inputs from agencies.)