New Delhi: REC Limited and Punjab National Bank (PNB) on Tuesday announced the signing of a Memorandum of Understanding (MoU) to jointly fund projects in the power sector and infrastructure & logistics sector. The collaboration aims to co-finance debts totaling Rs. 55,000 crore over the next three years under a consortium arrangement.
T.S.C Bosh, Executive Director (Infra & Logistics), REC and Rajeeva, CGM (Corp. Credit Division), PNB signed the MoU in the presence of Ajoy Choudhary, Director Finance, REC; V K Singh, Director (Projects), REC and other senior officials from REC and PNB.
Established in 1969 under the Ministry of Power, REC Limited has a history of providing long-term loans and other financial products tailored for the power-infrastructure sector, which includes generation, transmission, distribution, renewable energy, electric vehicles, battery storage, green hydrogen, and more.
In addition to its power-focused endeavors, REC has diversified its portfolio to support projects in the non-power infrastructure sector, including metro rail, roads & expressways, airports, IT communication, and social & commercial infrastructure. As of now, REC’s loan book stands at ₹4,54,393 crore.
Punjab National Bank (PNB), is a Public Sector Bank doing banking business across the country with worldwide presence including funding the infrastructure projects. Founded in 1894, PNB is one of the largest Public Sector Banks (PSB) in the country with Global Gross Business at ₹22,14,741 crore.
