Rural Electrification Corporation (REC) Limited has signed a memorandum of understanding (MoU) with Jawaharlal Nehru Port Authority (JNPA) to fund various upcoming projects. As part of the MoU, REC will provide funds up to Rs 45,000 crore for JNPA’s infrastructure projects, including the development of Vadhavan Port.
The MoU aims to “establish a framework for cooperation between JNPA and REC through which JNPA implements projects in the infrastructure sector of its expertise,” REC said in a statement.
The MoU was signed by Rahul Dwivedi, CEO of the corporation, and Unmesh Wagh, Chairman, JNPA, in the presence of Sarbananda Sonowal, Minister for Ports, Shipping and Waterways (MoPSW). Sanjay Sethi, Additional Chief Secretary (Transport and Ports), Government of Maharashtra and other senior officials of REC and JNPA were also present.
REC is a non-banking financial company (NBFC), public financial institution (PFI) and public sector infrastructure finance company (IFC), which provides loans of different maturities to various entities for building infrastructure assets in the country.
As of June 30, 2024, REC’s loan portfolio stands at Rs 5.30 lakh crore with net worth of Rs 72,351 crore.
VK Dewangan, Chairman and Managing Director, REC Ltd, in a recent interaction with this newspaper, said that while the company will continue to focus on existing schemes, it is considering a broader shift in its portfolio towards green energy projects, infrastructure segments and leveraging global climate funds.
JNPA is undertaking India’s largest port development scheme, dubbed the Vadhavan project, worth Rs 76,220 crore in Maharashtra, and has a 74 per cent stake in the project. The Vadhavan port, once built, is expected to rank among the top 10 container handling ports in the world, according to the Ministry of Public Works and Utilities.
First published: August 26, 2024 | 00:06 IS
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