Hyderabad, January 3, 2024: REC Limited, a Maharatna CPSE under the Ministry of Power, Govt. of India, signed a Memorandum of Understanding (MoU) with Bank of Baroda, one of India’s leading public sector banks, today. This agreement will facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years.
The MoU was signed in the presence of Shri Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC Limited and Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda along with Shri Lalit Tyagi, Executive Director, Bank of Baroda.
Commenting on this momentous collaboration, Mr. Dewangan said, “This landmark agreement signifies a collaborative effort to accelerate the realization of pivotal projects crucial to the nation’s progress. This partnership marks a significant stride in our commitment to fostering inclusive development. By harnessing synergies between REC’s expertise in the power sector and Bank of Baroda’s financial prowess, we aim to catalyze transformative projects that will positively impact communities and drive socio-economic progress.”
Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “This MoU will enable Bank of Baroda and REC to jointly finance Power (including renewable power), Infrastructure and Logistics projects. With the Indian economy on a strong growth path, we will see a rise in capital expenditure and private investment and an increasing need for collaborative and innovative financing structures.”
Recognizing the pressing need to fortify these critical domains, REC Limited and Bank of Baroda unite with a shared vision of advancing sustainable growth and bolstering the nation’s infrastructural backbone. By pooling resources and expertise, both entities endeavour to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide.