REC join hands with Punjab National Bank to finance projects in various sectors

27 Sep 2023 , 10:00 AM

On Tuesday, electricity PSU REC Ltd and state lender Punjab National Bank signed a deal to co-finance projects in power, infrastructure, and logistics. According to REC, the two institutions will jointly finance loans of Rs 55,000 crore.

TSC Bosh, Executive Director (Infra & Logistics), REC, and PNB Chief General Manager Rajeeva signed the memorandum of understanding in the presence of other senior executives from the two firms.

‘On Tuesday, REC Limited inked an agreement with Punjab National Bank (PNB) to jointly explore the possibility of funding Power Sector, Infrastructure, and Logistics Sector projects through a consortium arrangement. REC and PNB will collaborate to co-finance loans totaling Rs 55,000 crore over the next three years,’ according to the announcement.

REC Limited, which is part of the Ministry of Power, provides long-term loans and other finance products for the power infrastructure sector, which includes generation, transmission, distribution, and renewable energy, among other things.

The firm has a loan book worth approximately Rs 4,54,393 crore.

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