REC, Bank of India plans to cofinance projects worth Rs 30,000 crore in next 5 years

19 Oct 2023 , 09:34 AM

REC Ltd inked a consortium agreement with the Bank of India on Wednesday to co-finance Rs 30,000 crore in projects in the electricity, infrastructure, and logistics sectors over the next five years. REC, a Maharatna firm, offers long-term loans and other forms of financing to the electricity sector.

The company, which has also moved into industries including highways, metro trains, airports, and information technology, has a loan book of Rs 4.54 lakh crore as of June 2023.

According to the deal, REC and BoI would collaborate to co-finance loans of Rs 30,000 crore for infrastructure projects that will be implemented over the next five years, according to a statement from REC.

REC, along with other reputable investors such as IDFC, Adani, Reliance Energy, Lanco, and Tata Power, is an equity partner in Indian Energy Exchange (IEX), India’s first countrywide, automated, and online energy trading platform (power exchange/ electricity market).

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