REC inks pact with RailTel to finance infra projects in various sectors

10 Nov 2023 , 11:17 AM

On Thursday, the state-owned REC announced a deal with RailTel to fund infrastructure projects in telecom, IT, and railway signalling worth up to Rs 30,000 crore.

On November 9, 2023, REC Limited entered into an agreement with RailTel to extend financial assistance up to Rs 30,000 crore for infrastructure projects to be executed by RailTel over the next five years, a REC statement stated.

These projects, according to the statement, include a wide variety of fields, including data centre goods and services, telecom and IT products and services, railway and metro projects, and the KAVACH train accident avoidance system.

Furthermore, the agreement includes the possibility of financing overseas ventures related to high-speed rail, metro, IT network, and railway network upgrade as part of bilateral country discussions and infrastructure projects in Southeast Asia and Eastern Africa, where RailTel is currently focusing.

Following the signing of the MoU, they explored prospects for collaboration in depth and decided to explore additional sectors such as renewable energy, smart metering, and other initiatives where RailTel and REC (via its fully owned subsidiary RECPDCL) may collaborate.

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