New Delhi: REC Limited, a Maharatna CPSE under the Ministry of Power, Govt. of India, has entered into a significant Memorandum of Understanding (MoU) with Bank of Baroda, one of India's leading public sector banks. The agreement, signed in the presence of key officials, aims to facilitate joint loans for power, infrastructure, and logistics projects in India over the next three years.

Vivek Kumar Dewangan, IAS, Chairman and Managing Director of REC Limited, highlighted the collaborative effort to accelerate crucial projects for the nation's progress. He emphasized the partnership's role in fostering inclusive development by combining REC's expertise in the power sector with Bank of Baroda's financial strength. The goal is to catalyze transformative projects that positively impact communities and drive socio-economic progress.

Debadatta Chand, Managing Director & CEO of Bank of Baroda, expressed that the MoU enables joint financing of Power, Infrastructure, and Logistics projects. With the Indian economy on a robust growth path, the collaboration anticipates increased capital expenditure, private investment, and a growing demand for collaborative and innovative financing structures.

Recognizing the urgent need to strengthen these critical sectors, REC Limited and Bank of Baroda join forces with a shared vision of advancing sustainable growth and bolstering the nation's infrastructural backbone. The collaboration, by pooling resources and expertise, seeks to champion initiatives that invigorate economic development and improve accessibility to essential services nationwide. This partnership underscores a commitment to inclusive and transformative projects crucial for India's continued progress. /BI/