REC Ltd, Maharatna PSU under Ministry of Power and a leading NBFC, signed an MoU with Jawaharlal Nehru Port Authority (JNPA) for financing upto ₹45,000 crore for various upcoming projects of JNPA, which includes development of Vadhavan Port.
Rahul Dwivedi, Executive Director, REC, signed the MoU with Unmesh Sharad Wagh, Chairman, JNPA, in New Delhi on Monday.
MoU was signed in the presence of Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways.
Sanjay Sethi, Additional Chief Secretary (Transport and Ports), Government of Maharashtra and other senior officials from REC & JNPA were also present.
This MoU is to establish a framework for cooperation between JNPA and REC whereby JNPA implements projects in the infrastructure sector of its expertise and REC shall provide the required funds.
JNPA is an undertaking of Government of India, and is a premier container handling port, accounting for around 50% of the total containerized cargo volume, across the major ports of India.
