On 25 October 2023, REC Limited entered into a Memorandum of Understanding (MoU) with Bank of India (BoI) with the aim of exploring opportunities to finance projects in the Power Sector and Infrastructure & Logistics Sector through a consortium arrangement. Under this agreement, REC and BoI will collaborate to provide co-financing for projects totaling Rs 30,000 crore, with a project implementation timeline of five years.
The MoU was signed by Shri T.S.C. Bosh, Executive Director (Infra & Logistics) of REC, and Shri Nitin G. Deshpande, CGM of BoI. The signing ceremony was attended by distinguished individuals including Shri Vivek Kumar Dewangan, CMD of REC, Shri Rajneesh Karnatak, MD & CEO of BoI, Shri Ajoy Choudhury, Director (Finance) of REC, along with other senior officials from both REC and BoI.
REC Limited, a Maharatna CPSE established in 1969 under the Ministry of Power, specializes in providing long-term loans and financial products for the Power-Infrastructure sector. This sector encompasses Generation, Transmission, Distribution, Renewable Energy, as well as emerging technologies such as Electric Vehicles, Battery Storage, and Green Hydrogen. REC has also diversified into critical infrastructure sectors including Roads, Metro, Airports, IT, Ports, and more. As of the first quarter of the current financial year, REC’s Loan Book stands at Rs 4.54 lakh crore.
Bank of India, a Public Sector Bank founded in 1906, is engaged in banking operations and funding infrastructure projects across India while maintaining a global presence. Over the years, BoI has witnessed significant growth, becoming a formidable institution with a strong national presence and substantial international operations. Among nationalized banks, it holds a prominent position in terms of business volume, boasting a Global Gross Business exceeding Rs 12.14 lakh crore.
