Rural Electrification Corporation (REC) Limited signed a memorandum of understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to finance various upcoming projects.

As part of the MoU, REC will provide funds of up to Rs 45,000 crore for JNPA’s infrastructure projects, including the development of the Vadhavan port.

The MoU is intended to “establish a framework for cooperation between JNPA and REC whereby JNPA implements projects in the infrastructure sector of its expertise,” REC said in a statement.

The MoU was signed by Rahul Dwivedi, executive director of the corporation, and Unmesh Wagh, chairman of JNPA, in the presence of Sarbananda Sonowal, the union minister of ports, shipping, and waterways (MoPSW).

Additionally, Sanjay Sethi, additional chief secretary (transport and ports), the government of Maharashtra, and other senior officials from REC and JNPA were also present.