REC To Provide Rs 45,000 Crore Finance To JNPA

State-owned REC Ltd on Sunday said it has inked an initial pact to provide up to Rs 45,000 crore financing to various Jawaharlal Nehru Port Authority projects.

REC Ltd, under the Ministry of Power and a leading non-banking financial company, signed an MoU with Jawaharlal Nehru Port Authority for financing up to Rs 45,000 crore for various upcoming JNPA projects, including development of Vadhavan Port, a company statement said.

REC Executive Director Rahul Dwivedi signed the MoU with JNPA Chairman Unmesh Sharad Wagh.

The MoU was signed in the presence of Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal.

This MoU is to establish a framework for cooperation between JNPA and REC, whereby JNPA implements projects in the infrastructure sector of its expertise and REC shall provide the required funds, the statement said.