REC signs MoU with Govt. of Rajasthan for Rs. 3 Lac Crore – EQ
In Short : REC has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to invest ₹3 lakh crore in various energy projects. This partnership aims to enhance the state’s infrastructure and boost renewable energy initiatives, contributing to Rajasthan’s energy transition and supporting India’s broader sustainability goals. The investment is expected to create significant employment opportunities and drive economic growth in the region.
In Detail : New Delhi : REC Limited, a Maharatna CPSU under Ministry of Power and a leading NBFC, has signed MoU with Govt of Rajasthan, Department of Finance during the “Rising Rajasthan Investors meet” today.
As per MoU, REC will provide Rs. 50,000 Crore annually (increase from Rs. 20,000 Crore) to finance projects across power and non-power infrastructure for a period of six years upto 2030 i.e. total value of MoU is Rs. 3.00 lac cr.
The MoU was signed in the presence of Chief Minister, Govt of Rajasthan, Bhajan Lal Sharma; Col Rajyavardhan Rathore, Minister for Industries & commerce, GoR; Sri Sudhansh Pant, Chief Secretary, GoR. The MoU was exchanged by Rahul Dwivedi, ED(PMD and I&L) REC and Debasish Prusty, Secretary to GoR.
On 10th March 2024, MoU was signed in Jaipur between REC and Govt of Rajasthan to finance Rs. 20,000 Crore annually till 2030. Today’s MoU is update of the same.
With this MoU, there is expected to be a rapid increase in projects in Rajasthan related to the state’s infrastructure sector, such as power projects, metros, roads & highways, airports, IT infrastructure, oil refinery, steel infrastructure, ports & waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects.
This collaboration underscores REC’s commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state’s economic growth and prosperity.
