REC Limited and Punjab National Bank (PNB) have signed an MoU to jointly explore the possibilities of funding projects in the Power Sector and Infrastructure & Logistics Sector through a consortium arrangement.

Over the next three years, REC and PNB will collaborate to co-finance loans totaling Rs. 55,000 crore.

Executive Director (Infra & Logistics), REC, T S C Bosh, and CGM (Corporate Credit Division), PNB, Rajeeva signed the MoU in Gurugram, September 26, 2023, in the presence of Director Finance, REC, Ajoy Choudhary; Director (Projects), REC, V K Singh and other senior officials from REC and PNB.

REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power, was established in 1969 and provides long-term loans and other finance products for Power sector, comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen.

More recently, REC has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institutions, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery. The loan book of REC exceeds Rs. 4,54,393 crore.