REC Signs MoU with RVNL

  • MoU signed between REC Limited and Rail Vikas Nigam Limited (RVNL).
  • To finance up to Rs. 35,000 Crores.
  • For Infrastructure Projects to be executed by RVNL over the next 5 years.
  • Contains Multi-modal Logistics Hub projects, Rail Infrastructure projects and road, port, and metro projects.

REC Limited:

  • Maharatna CPSE established in 1969, under Ministry of Power.
  • Provides long-term loans and other finance products for Power-Infrastructure sector comprising of Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen.
  • It has diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institutions, Hospitals), Ports and Electro-Mechanical (E&M) works in sectors like Steel and Refinery.
  • Its loan book exceeds Rs 4, 74,275 Crore.

RVNL:

  • Schedule ‘A’ Navratna Central Public Sector Enterprise under Ministry of Railways
  • Caters to about 30% of infrastructure requirements of Indian Railways.
  • Implemented large infrastructure projects under the PPP model.
  • Started involving in road, port, irrigation and metro projects.
Posted in Current Affairs.