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REC inks pact to finance ₹1.20 lakh cr for power and infra projects in Rajasthan

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Notification 12 Mar 2024 09:53 AM IST PIB

REC Ltd, a government-owned power sector financier, has agreed to provide up to ₹1.2 lakh crore for power and infrastructure projects in Rajasthan over six years. A statement from the power ministry states that on March 10, REC Ltd and the Rajasthan government inked an agreement.

According to the agreement, REC would fund projects in the power and non-power infrastructure sectors for a maximum of ₹20,000 crore annually for a period of six years.

Vivek Kumar Dewangan, CMD, REC Ltd, said in the statement, "We are proud to collaborate with the government of Rajasthan in its mission to enhance infrastructure development across the state. Through this partnership, we aim to support sustainable growth and address the evolving energy needs of the region along with the development of other infrastructure sectors."

REC will lend up to ₹20,000 crore yearly to the Rajasthan government's ministries, undertakings, institutions, and initiatives during the next six years. This collaboration underscores REC's commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state's economic growth and prosperity, the statement said.

Along with the pact with REC, the Rajasthan government also signed several agreements worth ₹1.6 lakh crore with several central public sector enterprises under the power and coal ministries. These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region. As of December 2023, REC's loan book stood at ₹4.97 lakh crore and net worth at ₹64,787 crore.