REC Limited has signed an MoU with Punjab National Bank (PNB) to jointly explore the possibility of funding projects in the Power Sector and Infrastructure & Logistics Sector under a consortium arrangement. REC and PNB will associate with each other to co-finance loans amounting to Rs 55,000 crores over the next three years.
The MoU was signed by Shri T.S.C Bosh, Executive Director (Infra & Logistics), REC and Shri Rajeeva CGM (Corporate Credit Division), PNB in Gurugram on 26 September 2023, in the presence of Director Finance, REC, Shri Ajoy Choudhary; Director (Projects), REC, Shri V K Singh and other senior officials from REC and PNB.
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, was established in 1969 and provides long-term loans and other finance products for Power sector, comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen. More recently, REC also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institutions, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery. The loan book of REC exceeds Rs 4,54,393 crore.
Punjab National Bank (PNB) is a Public Sector Bank and is involved in banking business across the country with worldwide presence including in the funding of infrastructure Projects. PNB is one of the largest Public Sector Banks in the country with Global Gross Business at Rs 22,14,741 crores.